On Saturday, Bitcoin maintained its downward trend and drew nearer to the $60,000 psychological support level
According to Coinglass statistics, if the price of Bitcoin drops below the support level, it might lead to liquidations worth more than $1 billion.
As Bitcoin declines near crucial support, the crypto fear and greed index cycles between fear and greed, and then back to fear, all within a span of two weeks.
The market value of Bitcoin, the most valuable cryptocurrency, is falling. Bitcoin will trigger more than $1 billion in liquidations if its price drops below $60,000, according to statistics from Coinglass.
Cryptos including Dogecoin, Ethereum, Solana, and XRP continued their early Saturday losses.
The $60,000 psychological support level for bitcoin might be breached.
Under important support at $60,000, Bitcoin might fall. The derivatives market can see widespread selling if prices go below this level. According to Coinglass statistics, in the last day, almost $75 million worth of derivatives positions were settled using Bitcoin.
Crypto expert and AquaBitcoin creator Samson Mow says that the conventional banking industry is dragging Bitcoin down for the time being. It is quite probable that ETFs have magnified the impact of the downturn.
As the price of Bitcoin becomes more volatile, traders' emotions have cycled between fear, greed, and dread again in the span of only two weeks.
Bitcoin is trading on Binance for $60,343 right now.
