Heavy Sell-Off Sees Bitcoin Drop Below $60K, Over $140M in BTC Longs Liquidated

Bitcoin’s price fell beneath the $60,000 mark on Monday, declining over 6% against the U.S. dollar. At 1:30 p.m. EDT on June 24, the currency’s price hit an intraday low of $59,809 per coin.

Bitcoin Struggles Against Bearish Market, Slides to Near $60K Level

This Monday proved tumultuous for bitcoin (BTC), as its price dipped below the $60,000 level for the first time since May. Just 30 minutes after 1 p.m., bitcoin’s value reached a low of $59,809 per unit. The markets have displayed strong bearish trends, and over the last week, BTC has shed 8.2% of its value. Despite the significant downturns, trade volume has remained modest amid heavy selling pressure.

Speaking to Bitcoin.com News, Neil Roarty, an analyst at the investment platform Stocklytics, discussed the challenging day for bitcoin. “Bitcoin is experiencing a serious case of the Monday blues, with prices slipping below $62,000 – the lowest mark for almost six weeks,” Roarty remarked. “Some bears are arguing this is a fundamental shift in both market and mood. They’ll point to how bitcoin no longer appears to be tracking with the Nasdaq, which soared to record highs last week,” he added.

Roarty also touched on the issue of miner capitulation and the German government’s disposal of confiscated BTC. “If the negative sentiment prevails, how far could we slide? Nothing’s off the table, but bears have already highlighted the symbolic $50,000 mark as a near-term possibility,” the market strategist said. “The bulls will have to console themselves with the knowledge that, as always in crypto, fortunes can reverse extremely quickly.”

Additionally, data from coinglass.com reveals that $286.33 million in crypto longs were liquidated over the last day, including $140.36 million in BTC long positions. Over the same period, 85,865 crypto derivatives traders were liquidated, leading to a combined total of $326.26 million in both long and short position wipeouts. The most significant single liquidation order occurred on Binance, involving a BATCH/USDT position worth $15.36 million. At press time at 2:00 p.m. EDT on Monday, BTC is changing hands for $60,196 per coin.

What do you think about the current state of bitcoin markets? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn