Bitcoin experienced a severe downturn over the weekend, with its price plunging 7.7% in the last 24 hours to reach a daily low of $61,384 per coin, triggering a significant wave of leveraged liquidations. By 4:00 p.m. Eastern Time on Saturday, Bitcoin had fallen below the $62,000 threshold after hovering around $67,000 for most of the morning. The cryptocurrency lost $4,500 in value within a three-hour span, driven by a flurry of panic selling that began at 1:00 p.m. ET.
Bitcoin Price Drops 7.7%, Key Support at $61K
The sudden sell-off pushed Bitcoin's price from the $67,000 area to as low as $61,384, a level not seen in recent weeks. Trading volume surged to $41.63 billion on the day. Although the price briefly stabilized above $62,000 around 4:15 p.m. and attempted to reclaim the $63,000 range, bearish pressure intensified, pulling BTC back below $62,000 by 4:25 p.m. Over a two-week period, Bitcoin has fallen 8.7% against the U.S. dollar.
$167 Million in BTC Longs Liquidated in One Hour
According to liquidation data, $167.13 million in Bitcoin long positions were wiped out in a single hour on Saturday. The 24-hour total for all cryptocurrencies stood at $697.07 million as of 4:15 p.m., with $598.91 million coming from longs. As the price slipped back below $62,000, additional leveraged positions were forcibly closed. In total, 219,299 traders faced liquidation during the day, bringing the broader crypto liquidation tally close to the $1 billion mark.
Panic Selling and Bearish Outlook
The rapid sell-off appears to be driven more by emotional responses than by fundamental analysis, exacerbating the decline as traders rush to cut losses. Bears are likely to capitalize on the current downtrend. If selling pressure persists, Bitcoin could test lower support levels. At 4:45 p.m. Saturday, BTC was trading at $62,777 on Bitstamp. Market participants are closely watching for any signs of a rebound or further downside.