Bitcoin Slips Under $63,000 as Liquidations Top $530 Million
Bitcoin extended its selloff Tuesday, breaking below the closely watched $63,000 level as prices drifted toward a key support band around $61,000–$62,000. The move triggered a broad derivatives unwind, with liquidations surpassing $530 million and underscoring the impact of forced selling as leverage was flushed from the market.
The cryptocurrency was last trading near $62,426, down 3.47% on the day and 5.27% over the past week. With momentum weakening, traders have shifted focus to whether the $61,000 area can hold and set the stage for the next directional move.
Analysts Track Liquidity Pockets Near $61,000
Several commentators argue the downside may not be finished. Crypto Tony said Bitcoin has reached his first downside target, but expects a sweep of the lows near $61,000 before firmer support emerges. TedPillows struck a similar tone, noting that much of the short-term downside liquidity has already been cleared, while a notable remaining liquidity cluster sits around $61,200—keeping that zone in sharp focus.
Crypto Patel pointed to the decisive break below $63,000 as an additional drag on sentiment, accelerating selling pressure and prompting risk reduction.
Liquidations Spike as Volatility Returns
According to CoinGlass data, 119,678 traders were liquidated over the past 24 hours, with total liquidated positions reaching roughly $530 million. The largest single liquidation was reported on Aster, where a BTCUSDT position worth $7.06 million was closed.
Large liquidation events can amplify volatility as forced selling compounds downside moves. Some market participants, though, see the flush as a step toward a healthier setup by removing excessive leverage.
Key Question: Can BTC Stabilize and Bounce?
TedPillows identified the $61,000–$62,000 range as the most critical near-term support. He said Bitcoin's decline accelerated after it failed to hold above $65,000, allowing sellers to regain control and push prices below $62,000.
If support holds, analysts see room for a rebound, with liquidity targets clustered between $66,000 and $67,000 that could draw price action once selling pressure eases.
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