Crypto Market Plunges: $700 Million in Liquidations as Bitcoin Dives
Bitcoin's recent rally has come to an abrupt halt, plunging to a ten-day low of $63,000. This sudden drop has caused widespread liquidations across the crypto market, with over $700 million in losses reported in the past 24 hours.
The price of BTC had been steadily increasing, reaching a multi-day peak of $65,600 on Monday, but it failed to break through this resistance level twice. The second rejection was particularly violent, causing the asset to plummet by nearly $3,000 in just a few hours.
Popular analyst CRYPTOWZRD believes that BTC's ability to hold above the current support at $63,000 is crucial for preventing further losses. If it fails to do so, the price could drop even lower.
The decline has also affected other major cryptocurrencies, including Ethereum (ETH) and XRP, which have both lost significant value in recent hours.