Bitcoin’s price has recently surged to reach $61,000, but experts warn that there is a potential for further decline in its value. Today, the market is anxiously awaiting the court’s decision on former Binance CEO Changpeng Zhao, and this anticipation has caused a sense of panic, resulting in continued selling and a drop in Bitcoin’s price.
The drop in Bitcoin’s price to $61,000 has had a significant impact on the cryptocurrency market, wiping out billions of dollars. In the past 24 hours alone, a staggering 80,710 investors have been forced to liquidate their positions, leading to a total liquidation amount of $239 million.
It seems that the largest liquidation order took place on Binance, with Ethereum also experiencing a significant amount of liquidation totaling $5.03 million. Surprisingly, the liquidation amount in Ethereum has been higher than in Bitcoin, with $75 million in liquidations occurring in Ethereum compared to $64 million in Bitcoin.
In terms of Bitcoin’s immediate future, it is crucial for the cryptocurrency to find support at the $60,000 level. If the price fails to close above this level, it is reasonable to expect further declines, potentially pushing the price towards the $60,750 mark. In the short term, if losses continue, the price may head towards the $60,200 support zone.
It’s important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research before making any investment decisions.