When BTC fell below $61k, more than $122 million worth of Bitcoin was lost
Bitcoin (BTC) experienced a loss of more than $122 million in leveraged positions as the price fell below $61,000, raising the risk of a dip below the critical $60,000 level.
According to CoinGlass data, more than $122 million worth of leveraged long Bitcoin (BTC) positions were liquidated in the 24 hours to 1:25 PM UTC.
The outflows were triggered by a more than 5% drop in Bitcoin's price, which fell below $61,000 at 1:25 p.m. on June 24. According to CoinMarketCap data, the world's first cryptocurrency fell more than 7% on the weekly chart. .
Used areas can show the key price level of a property. According to CoinGlass, a move below the $60,500 mark would eliminate more than $180 million worth of long positions across all exchanges.
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The Mt. Gox $9.4 billion tank Bitcoin price in July?
The drop in price is the Crypto exchange Mt. Gox just hours after it said it would begin processing payments to its users.
More than $9.4 billion worth of Bitcoins, about 127,000 Mt. Gox creditors have been waiting more than 10 years for their money.
This could introduce significant selling pressure to the market, according to Eric Balchunas, senior exchange-traded fund (ETF) analyst at Bloomberg. In a post on June 24, X wrote:
“More than half of all ETF revenues were wiped out in one fell swoop. Curse.
A German government-backed wallet moved to 6,500 BTC on June 19, Arkham Intelligence reports.
The wallet holds nearly 50,000 BTC as of February 2024, worth over $3 billion at Bitcoin's current price of over $61,000.
Related: The biggest risk to Ether's recovery is a lack of awareness around asset turnover – Haven1
Bitcoin has not been oversold since $26,000.
Following the decline to $61,000, the price of bitcoin has become the most sold since trading at $26,000.
This is based on the Relative Strength Index (RSI), a measure of whether an asset is oversold or overbought based on the amount of recent price changes.
On the daily chart, Bitcoin's RSI has reached 28, indicating that BTC is in an “oversold” state.
The last time Bitcoin's RSI was below 30 was in August 2023, when BTC was trading at $26,000.
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