BTC price falls below USD 60,000
Bitcoin Traders Feel Impact of $160 Million Liquidations as BTC Price Returns to Levels Not Seen Since February
BTC price drop nears $57,000. This marked the pair's lowest levels since February and pushed second-quarter losses to more than 20%.
US Treasury Secretary Janet Yellen's hawkish tax policies, combined with a legal suit against cryptocurrency exchange Binance and its founder Changpeng Zhao, contributed to worsening sentiment across the cryptocurrency market.
“Yellen deciding to withdraw liquidity from the market, instead of using reserves to increase liquidity,” wrote financial commentator Tedtalksmacro as part of a reaction on X.
“Risk appetite takes a hit.”
Even before the decline gained speed, warnings were issued for Bitcoin and altcoins, with markets on hold since BTC/USD hit all-time highs in mid-March.
Now, key support levels were fading, and neither $60,000 nor the holders' short-term realized price offered comfort to the bulls.
“If you have to panic, at least wait for almost two months of support to be broken first,” popular trader and analyst Rekt Capital told X subscribers the day before.
Examining the latest developments, Charles Edwards, founder of quantitative Bitcoin and digital assets fund Capriole Investments, outlined what he considered two possible trajectories for the price of BTC.
“‘Sell in May and leave.’ This looks like distribution to me,” he summarized in an X post.
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