$390 Million Liquidated in Crypto Markets As Bitcoin Risks Plunging Below $60,000.
Bitcoin’s price took a nosedive early on Tuesday, plummeting 7% to a low of $65,547. This sharp decline came after relative stability, with the cryptocurrency trading in the $70,000 range for the past week. The sudden crash resulted in the liquidation of roughly $395 million in the crypto market, according to data from Coinglass.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, was not immune to the turmoil, falling by roughly 5% to $3,325. This drop has raised concerns among investors, with analyst Ali Martinez warning that Ether’s inability to hold above $3,460 could lead to a further correction down to $2,850 or lower.
The sudden market volatility has also sparked a flurry of analysis and predictions from other players in the field. Experts from onchain analytics firm Checkonchain weighed in on the current market conditions, tweeting that the classic Bitcoin MVRV Ratio is in a “heated but not yet overcooked” state. This indicates that the average Bitcoin holder is holding a decent unrealized profit multiple. This suggests that spending may increase, which, despite potentially pushing prices lower, could contribute to the cryptocurrency’s growth.
“A few of these folks have actually started taking profit, with the $73k peak aligning exactly with a cycle high-Profit event of +352k $BTC Profit taking is a normal part of Bitcoin bulls, but it is a key factor in establishing resistance at local tops,” the experts said.
Julio Moreno, Head of Research at Cryptoquant, also shared his insights, noting that Bitcoin’s price upward momentum may be slowing down, as shown by declining unrealized profit margins. However, the pundit emphasized that retail investors continue to aggressively buy the Bitcoin price dips, indicating a strong demand for the cryptocurrency.
Elsewhere, in a YT video, renowned Bitcoin analyst PlanB made a bold prediction, forecasting that Bitcoin will reach $100,000 this year and potentially soar higher.
