Bitcoin price recently spiked to the $61,000 level. There is a risk of further decline in BTC price. Today, the court decision regarding former Binance CEO Changpeng Zhao will be announced. There is a sense of panic in the market before the announcement, which has led to continued selling and a decline in BTC price.
Bitcoin Drops to $61,000! Millions in Dollars Liquidated
As the flagship of cryptocurrencies, Bitcoin price fell to $61,000, erasing billions of dollars from the market. In the last 24 hours, 80,710 investors were liquidated. Additionally, the total liquidation amount was $239 million.
The largest liquidation order appears to have occurred on Binance. The amount of liquidation in Ethereum was $5.03 million.
Looking at the liquidation figures for the last 24 hours, it appears that the liquidation amount in Ethereum was higher than in Bitcoin. Accordingly, while $75 million in liquidations occurred in Ethereum, the amount of liquidation in Bitcoin was $64 million.
$60,000 Support Crucial for Bitcoin
BTC/USD pair could not surpass the resistance area of $64,750, entering a new downtrend. Currently, the downward movement seems to continue, and the price needs to find immediate support around $61,200.
The first major support point for Bitcoin is at the $61,000 level. However, if the price closes below this level, expecting further declines would be reasonable, and it is anticipated that the price might trend towards $60,750. At this point, further losses could lead the price to head towards the $60,200 support zone in the short term.
