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Bitcoin risks massive $2.2 billion liquidation if critical $60,000 support level breaks down completely
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Bitcoin ETF outflows hit $203.8 million, signaling weakening institutional investor confidence and sentiment shift.
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Losing $60,000 support could push Bitcoin toward next major $53,485 demand zone below soon.
Bitcoin is under huge pressure after falling sharply this week, and now close to its 3-week low price near $60,000. Market data shows that if Bitcoin falls below $60,000, it could trigger around $2.2 billion in liquidations, which may push the price down even faster.
Here are the key support levels to watch next.
Bitcoin Price Risks $2.2 Billion Liquidation
Bitcoin price is already down nearly 8% this week, with selling pressure increasing across the market. In the past 24 hours alone, Bitcoin recorded $160 million in total liquidations, with $127 million coming from long liquidations.
This means that bullish traders were forced to close their positions as the price began to fall.
On-chain data now show a much larger threat ahead. Well, if Bitcoin drops below the key $60K support level, then the market will see a risk of $2.2 billion liquidation.
Further, if BTC breaks above $70,000, the price could rise toward the next resistance level of $77,023.
But if Bitcoin falls below $60,000, strong selling could start and push the price down faster. The next major support is near $53,485, where buyers may step in and try to stop the fall.