Bitcoin Plunges to Ten-Day Low as $700 Million in Liquidations Hit Crypto Market

The Bitcoin price has taken a sharp turn downward after a brief rally to $65,600 on Monday. The asset has lost over $3,000 in hours and is now trading at a ten-day low of $63,190.

The downturn has affected most altcoins, leading to significant liquidations totaling around $700 million in the past 24 hours.

Cryptocurrency analyst CRYPTOWZRD notes that Bitcoin's bearish close suggests it needs to stay above $63,000 for now; otherwise, it could drop to new local lows.

The market slump comes ahead of the US Federal Reserve's interest rate decision, which is expected to be announced tomorrow and may impact risk-on assets like crypto.