Over $700 Million liquited after BTC price dropped 10%

Bitcoin‘s price plunged to below $66,000 and resulting in over $700 million in losses for traders

This downturn follows a recent peak of $73,750, driven by excitement over spot Bitcoin exchange-traded funds (ETFs).

The correction, dropping the price by over 10%, was largely because of inflation fears, confirmed by recent macroeconomic indicators.

Will There Be More Losses for BTC?

The most crucial issue at the moment is the price’s proximity to the critical support point near $65,000. However, the strength of this support point seems to be tested, and if it fails to hold, more losses could be on the horizon for BTC.

So, which levels are critical? The first major support is at $64,550. However, the point we should really focus on is the $64,000 level. If we see a close below this level, we should consider the possibility of a price decline towards $63,500. In the event of further losses, the price could be predicted to journey towards the $62,000 support zone.

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