Bitcoin Soars to $61,000! Massive Sell-Offs and Liquidations Ensue
The price of Bitcoin recently skyrocketed to reach an impressive $61,000, causing a frenzy in the market. However, experts warn that there is a looming risk of a further decline in BTC price. To add to the uncertainty, today marks a crucial court decision regarding former Binance CEO Changpeng Zhao, which has only heightened the sense of panic among investors and triggered continued selling, resulting in a notable drop in Bitcoin’s value.
Millions Liquidated as Bitcoin Hits $61,000
Bitcoin, being the leading cryptocurrency, witnessed a significant drop to $61,000, wiping out billions from the market. Within the past 24 hours alone, a whopping 80,710 investors faced liquidation, with the total liquidation amounting to $239 million. The largest liquidation order was observed on Binance, while Ethereum also experienced a substantial amount of liquidation, totaling $5.03 million.
$60,000 Support Holds Key Importance for Bitcoin
As the BTC/USD pair failed to surpass the resistance zone of $64,750, it has entered a new downtrend. Currently, the downward movement seems to persist, and it is crucial for the price to find immediate support around $61,200. The initial major support level for Bitcoin lies at $61,000. However, if the price closes below this level, it would be reasonable to expect further declines, with a potential trend towards $60,750. In such a scenario, additional losses could push the price towards the short-term support region of $60,200.
Disclaimer:
This article does not provide investment advice and is solely for informational purposes. Investors should exercise caution when dealing with cryptocurrencies due to their high volatility and conduct thorough research before making any investment decisions.
