Bitcoin Tests $60,000 Support, Triggers Billion-Dollar Liquidations

Bitcoin fell to $60,000, triggering $2.59 billion in liquidations.

On February 6, the price of the leading cryptocurrency fell to $60,000, marking a new low since September 2024. Later, the price partially recovered to the $65,000-$66,000 range.

At the time of writing, Bitcoin is trading at $65,889, down 6.6% over the past day.

Following the decline of digital gold, altcoins also fell: Ethereum dropped to $1,756, Solana to $70, and BNB to $574. The total market capitalization decreased by 6.1%, amounting to $2.3 trillion.

The sharp price drop triggered a cascade of liquidations. According to CoinGlass, the daily volume of forced closures reached $2.59 billion, with long positions bearing the brunt at $2.11 billion.

The popular sentiment indicator plummeted to 9 points (“extreme fear”). These are the lowest levels since the metric’s inception in mid-2023.