Bitcoin has cracked the $60,000 level for the first time since October 2024.
What broke, and when
CryptoPotato reports that Bitcoin’s price dropped roughly 5.5% over the past 24 hours. More importantly, it “dipped below” $60,000 for the first time since October 2024. The outlet attributes the move to TradingView.
The selloff didn’t stop at BTC. CryptoPotato says the broader market slid too, with altcoins “suffering equally, if not worse than Bitcoin.” That matters because it suggests the move isn’t a single-asset glitch. It reads more like marketwide de-risking.
Liquidations pile up
When leverage gets squeezed, liquidations tend to follow fast. CryptoPotato reports $1.5 billion in liquidated derivatives positions across the past 24 hours.
That figure is the practical clock in this story. Liquidations can be a symptom of falling prices, but they also accelerate price swings by forcing automated sell-offs. CryptoPotato adds that the downturn “doesn’t appear to ease,” which implies the market may still be unwinding risk.
| Metric | Reported by CryptoPotato | Source mentioned |
|---|---|---|
| Bitcoin price change (24h) | -5.5% | TradingView |
| First break below $60,000 since | October 2024 | TradingView |
| Reported BTC level after drop | $59,743 | CryptoPotato |
| Derivatives liquidations (24h) | $1.5B | CryptoPotato |
BTC bounces. The question is whether it holds
CryptoPotato says Bitcoin bounced slightly after dropping to $59,743. The newsroom takeaway from that is simple and unfriendly: a bounce on heavy liquidation flow can be temporary.
CryptoPotato frames the key test as whether $59,743 can “halt further downside.” In other words, traders will watch if price can stabilize above the $60,000 line, or if the breach keeps widening.
Why the $60K line matters
$60,000 isn’t a magical number. But CryptoPotato calls it “coveted,” which hints at how market participants treat round levels. When enough orders and hedges cluster around a psychologically important price point, breaks can trigger cascades, especially in derivatives.
With $1.5 billion liquidated in 24 hours, CryptoPotato’s numbers point to leverage being actively removed from the system, not just spot selling.
Next watch: whether the unwind slows
CryptoPotato’s final point is that the downturn “doesn’t appear to ease.” That’s the next signal to monitor, more than any single printed candle.
If liquidation totals keep rising and Bitcoin fails to reclaim the $60,000 zone, the market could keep flushing leverage. If liquidations cool while price holds, the selling pressure may fade.
Either way, the only thing guaranteed here is risk. Crypto assets can move quickly, and liquidations are a reminder that leverage cuts both directions.