Bitcoin Risks $2.2 Billion Liquidations if $60K Support Fail, Key Levels to Watch

The post Bitcoin Risks $2.2 Billion Liquidations if $60K Support Fail, Key Levels to Watch appeared first on Coinpedia Fintech News

Bitcoin is under huge pressure after falling sharply this week, and now close to its 3-week low price near $60,000. Market data shows that if Bitcoin falls below $60,000, it could trigger around $2.2 billion in liquidations, which may push the price down even faster. 

Here are the key support levels to watch next.

Bitcoin price is already down nearly 8% this week, with selling pressure increasing across the market. In the past 24 hours alone, Bitcoin recorded $160 million in total liquidations, with $127 million coming from long liquidations.

This means that bullish traders were forced to close their positions as the price began to fall.

On-chain data now show a much larger threat ahead. Well, if Bitcoin drops below the key $60K support level, then the market will see a risk of $2.2 billion liquidation.