Bitcoin’s price under scrutiny as daily crypto liquidations approach $300M, prompting attention to sub-$60K levels.

Bitcoin (BTC) experienced a decline in its price as new spot price exchange-traded funds (ETFs) failed to meet expectations. The drop in BTC/USD occurred after the Asia trading session, causing the pair to lose support at $61,000. This led to a significant amount of liquidations across the crypto market, totaling $275 million in a span of 24 hours. The disappointment in the ETFs’ trading volumes in Hong Kong further contributed to the bearish sentiment. Despite managing $12.4 million, which is impressive for the local market, it fell short of expectations. However, some analysts, like Eric Balchunas, remained positive about the performance of the ETFs. Balchunas noted that when considering the size of the market, the figures were still significant. Meanwhile, concerns were raised about the potential reversal of BTC’s price weakness, with market participants closely watching the $60,000 level and the support below it. The 50-day exponential moving average was seen as a potential support level, while others highlighted the 21-day equivalent. Additionally, there were doubts about nearby support due to shorting of Bitcoin futures. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.