Btc Weak Near 60k

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Btc Weak Near 60k

Bitcoin (Btc) Weak Near $60k, At Risk Of Further Decline

Bitcoin (BTC), which remains the top cryptocurrency in terms of market cap, seems to be in a state of decline. According to experts, a break below $60,000 will lead to more than $1 billion worth of liquidation in the cryptocurrency.

As Saturday's session unfolds, all the cryptocurrencies, such as Bitcoin, ETH, XRP, Solana, & others, are down for the day. In fact, the bearish trend is expected to continue during the Sunday as well.

$1 Billion Liquidation To Follow On Break Below $60k

For now, $60,000 remains a key psychological support, but a dip below that would invite a lot more sales. According to data from Coinglass, derivate positions worth $75 million were liquidated in the Bitcoin (BTC) during the last 24 hours.

Additionally, the heatmap, which shows the liquidation in Bitcoin (BTC), reveals that derivate positions worth $1 billion are also at a high risk of liquidation. However, that liquidation will only come into play once the $60,000 handle is lost to the bears.

Right now, the market cap of Bitcoin (BTC) is $ 1,179.43B which means a liquidation of $1 billion wouldn't make that much of a difference. However, it will further deteriorate the sentiment surrounding cryptocurrencies.

According to a crypto expert, the traditional financial markets are dragging down Bitcoin (BTC) along with other coins. As the price action of Bitcoin (BTC) has turned choppy, it has changed the sentiment from greed to fear.

As of now, Bitcoin (BTC) is trading at nearly $60,643 and is very close to $60K in support. On the way up, the next resistance is at $61K, which could provide some relief to the bulls.

The weakness in the TradFi markets is dragging down Bitcoin (BTC) and other cryptocurrencies. Also, the surface area has amplified due to the ETFs which is also a big reason for the recent weakness in the BTC.

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