Price Data: BTC/USDT Slips Below $60,000
According to Gate exchange data, the BTC/USDT pair is currently trading at $60,000, down 1.41% over the past 24 hours. The decline has pushed Bitcoin below the key psychological level of $60,000, a zone that has seen intense long-short battles recently.
Technical Picture: Support and Resistance
After losing $60,000, the immediate support lies in the $58,000–$59,000 range, which has previously served as a strong floor. A further breakdown could target $55,000. On the upside, resistance is clustered between $61,000 and $62,000; a decisive break above this zone is needed to resume the uptrend. The Relative Strength Index (RSI) is hovering in the lower-neutral territory, suggesting bearish pressure is slightly dominant.
Derivative Markets and Sentiment
Coinglass data shows that total Bitcoin liquidation in the last 24 hours reached approximately $120 million, with longs accounting for over 70% of the liquidations. This indicates a significant unwinding of leveraged bullish positions. Spot trading volume also increased compared to the previous day, pointing to a concentrated sell-off.
Macro Headwinds
Hawkish comments from Federal Reserve officials this week have dampened rate-cut expectations, weighing on risk assets broadly. Bitcoin, as a high-beta asset, has been sensitive to this macro shift. Additionally, inflows into Bitcoin spot ETFs have moderated in the past two days, adding to the selling pressure.
Near-Term Outlook
In the short term, the tug-of-war around $60,000 is likely to continue. If Bitcoin fails to reclaim this level over the weekend, a test of $58,000 support becomes probable. Traders should watch next week’s US economic data releases and ETF flow data for directional cues. Risk management—particularly stop-loss placement—remains critical given the elevated volatility.