Key Highlights
If Bitcoin plunges below $60,000, over $2.2 billion in leveraged long positions could be wiped out from the crypto market
The crypto market is facing a downward trend after facing intense liquidation and heavy selling pressure
While the crypto market is facing a catastrophic downfall, there is another big threat looming over the market. According to the report, if Bitcoin (BTC) drops below the $60,000 support level, the crypto market could face intense liquidation and lose $2.22 billion in a long position.
(Source: Whale Insider on X)
At the time of writing, Bitcoin is trading at around $66,084 with a market capitalization of $1.32 trillion. The cryptocurrency has dropped around 2.3% on a daily chart, according to CoinMarketCap.
After getting temporary peaks, the current liquidation in the market has wiped out all gains generated in the last 2 days. The selling pressure in the crypto market has led to forced closures in the derivatives market.
According
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