Bitcoin Plunges Below $60,000, Ethereum, XRP, Dogecoin Lose 3% In Brutal Crypto Sell-Off

Bitcoin dropped below $60,000 on Wednesday before a slight recovery amid a sell-off in semiconductor shares.

Notable Statistics:

• Coinglass data shows 107,733 traders were liquidated in the past 24 hours for $433.38 million.       
• SoSoValue data shows net outflows of $113.8 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $82.4 million.
• In the past 24 hours, top losers include Audiera, Venice Token and Pump.fun.

Notable Developments:

• Bitcoin Plunges To $62,000: What Is Going On?
• Bitcoin Plummets To $61,000, But The Real Story Is The US Banking System, Caitlin Long Says
• Saylor’s Critics Grow Louder: MSTR Needs To Halt Bitcoin Purchases Immediately, CryptoQuant CEO Says
• Ripple Prime’s Revenue Tripled Since Hidden Road Acquisition And RLUSD Is The ‘Settlement And Collateral Asset’
• Senate Democrats Demand Hearing About $500M UAE Investment In Trump Crypto Venture
• Solana A Buy At $69? Analyst’s Bearish Target Hits The Mark, But Here’s What The Technicals Suggest

Trader Notes:

Crypto trader Altcoin Sherpa remains uncertain about Bitcoin’s next move but warns that losing the current support level could open the door to a decline toward $54,000.

Trader KillaXBT admits the bullish thesis may be failing but notes that market bottoms are typically marked by volatile, liquidity-hunting price action that shakes out traders. He suggests focusing on long-term Bitcoin accumulation and ignoring short-term noise.

Technically, $59,000 remains the key level. A break below that wick low would require a strong reclaim to restore a bullish outlook.

CoinBureau founder Nic Puckrin warns that Bitcoin is losing a major technical support zone after falling below its 200-week SMA and nearing the $60,000 level.

A weekly close below this area could signal further weakness and open the door to a decline toward $57,900, marking it to be a new cycle low.

Image: Shutterstock