Bitcoin drifts toward $60,000 as traders brace for potential washout: Crypto Markets Today
Bitcoin fell to $63,100 amid global risk-off sentiment, risking liquidations if it breaks the $60,000 support level.Summary
The cryptocurrency market is experiencing a significant downturn, with Bitcoin dropping to around $63,100, its lowest since early February, driven by broader risk-off sentiment in global markets and a rising dollar index. A crucial technical level is $60,000; a break below this point could trigger substantial liquidations, potentially leading to a further decline toward $52,500 support. Altcoins are also suffering, with BCH down 11.5%, as liquidity thins and selling pressure intensifies. Derivatives data shows a de-risking trend, with over $360 million in leveraged bets liquidated in 24 hours, predominantly long positions. Bearish sentiment is further evidenced by increasing open interest in Bitcoin futures and negative funding rates for perpetual contracts, although the average Relative Strength Index (RSI) suggests the market may be oversold, hinting at a possible short-term bounce. In DeFi, Total Value Locked (TVL) is holding up better than token prices, indicating a rotation into stablecoins to mitigate risk.
(Source：CoinDesk)