Bitcoin Surges to $61,000! Massive Liquidations Follow Suit
In a stunning turn of events, the price of Bitcoin skyrocketed to a staggering $61,000, leaving investors in awe. However, experts are warning of a potential downturn in the near future. To add to the existing uncertainty, the court will soon announce its decision regarding the former CEO of Binance, Changpeng Zhao. This impending announcement has caused panic within the market, resulting in a flurry of selling and subsequently driving down the price of Bitcoin.
Crushing Blow: Bitcoin’s Value Plummets to $61,000, Leaving Millions Liquidated
The flagship cryptocurrency, Bitcoin, experienced a sharp decline, wiping out billions from the market as it dropped to $61,000. This sudden drop led to the liquidation of a staggering 80,710 investors within the last 24 hours, amounting to a total liquidation sum of $239 million.
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The largest liquidation order was observed on Binance, with Ethereum taking the brunt of it, totaling $5.03 million in liquidation.
Analyzing the liquidation figures from the past 24 hours, it becomes apparent that Ethereum faced higher liquidation than Bitcoin. While Ethereum saw liquidation worth $75 million, Bitcoin’s liquidation amounted to $64 million.
$60,000 Support Holds the Key for Bitcoin’s Fate
Regrettably, the BTC/USD pair has embarked on a downward trend, failing to breach the resistance zone at $64,750. As of now, the downward movement appears to persist, making it crucial for the price to find immediate support around $61,200.
The first significant 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 the price potentially heading towards $60,750. In this scenario, additional losses could drive the price towards the short-term support region of $60,200.
Disclaimer:
This article serves for informational purposes only and should not be considered as investment advice. Investors should be aware of the high volatility and inherent risks associated with cryptocurrencies and conduct their own thorough research.