Bitcoin Price Plunges Toward $60K as $1 Billion in Liquidations Rock Crypto Markets

Bitcoin Slides Toward $60,000 in Major Market Selloff

Bitcoin is undergoing one of the sharpest corrections of the current cycle, with price falling toward the $60,000 level after a wave of forced liquidations hit crypto markets.

According to market data, BTC has now dropped roughly 50% from its October 2025 all-time high above $126,000, marking one of the largest raw-dollar drawdowns in the asset’s history.

The move triggered heavy volatility across exchanges and derivatives platforms as key support levels broke, accelerating selling pressure.

At the time of writing, bitcoin is trading just below $64,000, after briefly dipping toward the $62,000–$60,000 zone.

Over $1 Billion in Liquidations in 24 Hours

The scale of the decline has been amplified by leverage across the derivatives market.

Data from Coinglass shows more than $1.1 billion in crypto liquidations over the past 24 hours, with the majority coming from long positions. As BTC broke below major support levels near $70,000, automatic liquidations created a cascading effect that pushed prices lower.

This type of deleveraging feedback loop is common during sharp corrections, as forced selling from leveraged traders accelerates downward momentum.

The latest move follows a rapid reversal from levels above $90,000 just days earlier, highlighting the fragility of highly leveraged market conditions.

Bitcoin Down 50% From All-Time High

Bitcoin’s current drawdown now sits near 50% from its cycle peak, placing it among the more severe corrections in recent history.

While deep pullbacks are not unusual for BTC, the magnitude of this decline rivals some of the most aggressive selloffs seen in past cycles. Analysts note that the current drop exceeds the percentage decline experienced during the FTX collapse in raw dollar terms.

Over the past 12 months, bitcoin has fallen roughly 35%, reflecting both crypto-specific and macro-driven pressures across global markets.

Key Support Levels and Market Structure

The breakdown below multiple support zones has shifted market structure decisively bearish in the short term.

Technical indicators suggest limited support until the low-$60,000 or sub-$60,000 range, with volatility expected to remain elevated while traders reassess positioning.

If BTC fails to hold the $60K region, analysts warn that further downside could emerge as liquidity thins and stop-loss levels cluster below.

However, some traders view the current zone as a potential long-term accumulation area, depending on broader macro conditions and ETF flows.

Crypto Stocks and ETFs Hit Hard

Bitcoin’s selloff spilled into related equities and investment products.

Shares of major mining companies, including Riot Platforms and MARA Holdings, posted double-digit declines. Crypto-exposed firms such as Coinbase and Robinhood also fell sharply as risk appetite weakened.

The iShares Bitcoin Trust (IBIT), BlackRock’s spot bitcoin ETF, recorded approximately $10 billion in trading volume, setting a new daily record. Despite the surge in activity, the fund’s price dropped around 13%, marking one of its worst single-day performances since launch.

Shares of Strategy (MSTR) also slid more than 15% ahead of earnings.

Macro Pressure and Risk-Off Sentiment

The broader market environment has added pressure to crypto assets. Weakness in equities and other high-beta assets has coincided with bitcoin’s decline, suggesting a shift toward risk-off positioning among investors.

When macro stress increases, bitcoin often trades in correlation with tech and growth assets, leading to sharper volatility during global market selloffs.

Outlook: Volatility Likely to Continue

With leverage unwinding and support levels under pressure, bitcoin markets may remain volatile in the near term.

Key factors to watch include:

derivatives positioning and liquidation flows

ETF inflows and outflows

macroeconomic developments

institutional demand

miner selling pressure

While the current correction is severe, large drawdowns have historically been part of bitcoin’s market cycles. Whether the $60,000 zone becomes a major support level or a stepping stone to further downside will depend on liquidity, sentiment, and macro conditions in the days ahead.

FAQ

Why did bitcoin crash today?

A combination of leveraged liquidations, broken support levels, and broader market weakness triggered the sharp selloff.

How much has bitcoin fallen from its all-time high?

Bitcoin is down roughly 50% from its October 2025 peak above $126,000.

How much was liquidated?

More than $1 billion in crypto positions were liquidated in the past 24 hours, mostly long trades.

What is the key support level now?

Analysts are watching the $60,000 region as a critical support zone.