The collapse of Bitcoin‘s price below the psychological barrier of $60,000 sparked alarms in the crypto market, dragging the ecosystem to its lowest level since October 2024. Following this 4.2% drop, public figures such as Barstool Sports founder Dave Portnoy openly questioned the asset’s long-term viability against the most optimistic predictions.
Data from CoinGlass reveals that losing this key support triggered a wave of panic that liquidated 169,531 traders, wiping out a total of $869.39 million in just 24 hours, primarily affecting long positions. On-chain analytics firms like Glassnode confirmed that the crash responds to persistent outflows from spot Bitcoin ETFs and a widespread absence of institutional demand, which weakens the technical structure against a projected strengthening of the US Dollar Index (DXY).
The next step for the market will depend on Bitcoin‘s ability to consolidate and reclaim key supports; otherwise, increased selling pressure and unfavorable global macroeconomic conditions could extend the correction phase toward new local lows.
Source: https://x.com/stoolpresidente/status/2069833701966393770Â
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