Bitcoin's value fell to $65,000, leading to significant market turmoil with over $1.8 billion in liquidations across cryptocurrencies. The decline, which represents an 8% drop from a peak of $71,300 earlier in the week, has raised concerns among traders as they anticipate a critical test of the $60,000 support level.
Liquidation data indicates that approximately $774 million in long positions were closed, primarily in Bitcoin, while Ether accounted for $440 million. This event marks one of the largest single-day liquidations since February 6, when Bitcoin prices fell below $60,000.
Market analysts noted that the current situation reflects significant pressure from ongoing geopolitical tensions, particularly related to the US-Iran conflict. Furthermore, Bitcoin's supply on Binance has reached a three-month high of 659,000 BTC, indicating a potential increase in selling pressure.