BTC price news: Bitcoin spirals toward $65,000, headed for worst drawdown since FTX crash
Bitcoin dropped over 10% to $65,156, marking its worst one-day drawdown since the FTX collapse in 2022.Summary
Bitcoin tumbled below $66,000, falling more than 10% in 24 hours to a low of $65,156, potentially marking its steepest one-day drawdown since the FTX exchange collapse on November 8, 2022. This selloff occurred amidst broader market pressure, with silver plunging 15% and gold also declining. Software stocks, which often correlate with Bitcoin, also fell, as did crypto stocks like Coinbase and miners. Analyst Adrian Fritz attributed the sharp move to very thin liquidity, where small sell pressures trigger liquidations. Fritz believes it is too early to confirm a bottom, pointing to the 200-day moving average, around $58,000 to $60,000, as a critical support level that aligns with Bitcoin's realized price. Altcoins were hit even harder, with almost all major tokens and memecoins down over 10%, and XRP underperforming significantly.
(Source：CoinDesk)