Bitcoin Price Plummets as BTC Tests $60K, $1.45B Liquidations Hit Markets

Bitcoin price slides sharply, traders suffer big losses

The bitcoin price tumbled as BTC traded around $64,478 after testing support near $60,008, marking one of the sharpest downturns since 2024. The drop came with roughly $1.45 billion in liquidations over 24 hours, wiping out nearly 311,000 margin positions and sending long positions reeling—about $739 million of BTC longs were liquidated. BTC dominance sits near 54.8%, even as the total crypto market capitalization has shed an astonishing $2 trillion so far this year.

Liquidations, open interest and technical picture for BTC price

Liquidations spiked as open interest in futures markets fell, amplifying the slide below key technical levels. The daily RSI is in oversold territory, suggesting capitulation and the possibility of short technical bounces, but immediate resistance is near $70K while crucial support zones lie at $60K and below.

24-hour liquidations: ~$1.45B, nearly 311,000 margin positions closed.
Longs liquidated: ~$739M.
Key levels: Resistance ~ $70K; support at $60K and lower.
Technical note: Daily RSI in oversold territory.

Stocks and miners feel the pain as bitcoin price falls

The sell-off wasn’t limited to crypto. U.S. equities suffered a broad risk-off panic that erased about $1 trillion in stock market value. Crypto-linked stocks were hammered: MSTR down more than 17%, COIN off about 9%, and HOOD down roughly 7–8%. The move below $70K—well under an estimated BTC production cost near $87K—has squeezed miners and threatens smaller operations as profitability vanishes.

Market context behind the BTC price drop

The retreat pushed Bitcoin below price levels seen before the 2024 U.S. election, erasing gains from the post-Trump rally. Spot Bitcoin ETFs shifted from heavy inflows earlier to significant redemptions in recent weeks, weakening institutional demand. Analysts point to a strong U.S. dollar and hawkish Fed expectations as macro drivers that make risk assets like bitcoin less attractive right now.

Corporate stress and broader fallout on bitcoin price

Large corporate holders are facing massive unrealized losses amid the retreat. Firms like Strategy, with a 713,502 BTC position, now grapple with the price slide. Analysts describe the current phase as capitulation mode. Volatility has spiked as leveraged positions unwind and sentiment moved to extreme fear.

What traders are watching next for bitcoin price

With open interest down and leveraged longs already liquidated, traders will be watching whether technical oversold conditions produce a bounce toward the $70K resistance. If support around $60K fails to hold, further downside to lower technical supports is possible based on current market momentum.

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