Bitcoin Volatility Triggers Massive Leverage Unwinding
The cryptocurrency market faced intense selling pressure over the last 24 hours, driving massive liquidations across both major assets and altcoins. Bitcoin ($BTC) momentarily breached its critical psychological support level, dipping briefly below the $60,000 mark. This sharp downward move triggered a cascading wave of long liquidations throughout the derivatives market.
Following the brief plunge, aggressive buying volume at lower levels helped stabilize the premier cryptocurrency. Bitcoin managed an intraday recovery, readjusting back to its current trading price of $61,500. However, the brief breach of key support weakened market sentiment and left the altcoin sector highly vulnerable to deep, double-digit corrections.
Bitcoin price in USD recovery Top 6 Altcoin Losers
While $Bitcoin managed to reclaim some ground, the broader altcoin market suffered ...
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