Hassan Maishera
TL;DR
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BTC is down by 9% in the last 24 hours and now trades at $65k per coin.
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The leading cryptocurrency briefly dropped to the $60k zone on Thursday amid a strong bearish price action.
BTC Dips to $60k as Selloff Persists
The cryptocurrency market has continued its poor start to the month as Bitcoin and other major cryptocurrencies recorded massive losses. Bitcoin dropped to the $60k level on Thursday after losing 10% of its value.
However, it has slightly rebounded and is now trading at $65k once again. Analysts believe that repeated failures to hold key support levels have pushed market sentiment firmly into a risk-off stance.
The sharp price drop led to $2.6 billion in liquidations across long and short positions over the past 24 hours, according to Coinglass data, using available figures. Long traders lost $2.1 billion since Thursday, while short traders suffered over $480 million in liquidations.
Furthermore, BTC’s drop below $65k wiped out over $2 trillion from the cryptocurrency market since Bitcoin hit an all-time high of $124k in October 2025.
In an email to Cryptowisser, Ruslan Lienkha, chief of markets at YouHodler, stated that the current decline in Bitcoin also mirrors the correction underway in U.S. technology stocks, though with noticeably higher volatility.
As risk sentiment weakened across global markets, capital rotated away from growth-oriented and speculative assets, putting pressure on both tech equities and crypto. Bitcoin’s amplified moves relative to stocks reinforce its status as a high-beta asset, meaning it tends to outperform during rallies but also suffers deeper drawdowns during periods of stress.
“Beyond macro-driven selling, internal market dynamics have intensified the downside. A significant long squeeze has unfolded as prices moved lower, forcing overleveraged traders to close positions. This deleveraging process has accelerated sell-offs, as liquidations triggered additional downward pressure, creating a self-reinforcing cycle of volatility. Such events are typical in crypto markets, where leverage levels are often higher than in traditional asset classes,” the analyst added.
With Bitcoin dropping to $60k, altcoins also recorded massive losses, with the total crypto market cap now standing at $2.23 trillion.
