Bitcoin
Why Bitcoin is down 12.1% today
Analysis
Bitcoin fell 12.1% over the past 24 hours as bearish sentiment intensified around worsening market conditions and ETF-flow-related downside risk, with CryptoQuant warning BTC could slide toward $60,000 as the downturn deepens. The drop also coincided with heavy derivatives stress, as reports highlighted roughly $317M in daily BTC losses from liquidations even while many traders stayed long, amplifying downside volatility.
Contributing Factors (3)
CryptoQuant says bitcoin could fall to $60,000 as downturn worsens beyond 2022 bear market
The bitcoin price has broken below its 365-day moving average for the first time since March 2022, CryptoQuant said.
Why Bitcoin traders remain long despite $317M in daily BTC losses
Bitcoin realized losses surge as crowded long positions elevate liquidation risk.
Bitcoin Miners Could Face Crisis After BTC Price Falls 50% From Peak
The price of Bitcoin crashed below $63,000 on Thursday, not far above the average production cost of publicly traded miners.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.