Bitcoin (BTC) Price Crashed Below $61K as Mt. Gox Repayment News Spooked the Market

Bitcoin price broke below $61,000 on Monday as bearish pressure intensified, and the market has seen over $320 million in total liquidations in 24 hours as a result.

Bitcoin price dropped sharply on Monday, breaking below the $61,000 level. This move comes amid bearish pressure and fears of a sell-off by early investors as the bankrupt crypto exchange Mt. Gox prepares to start repaying creditors in July.

The total amount of liquidations in the past 24 hours reached over $320 million as a result of the sharp downturn.

Of the liquidated traders, longs accounted for the vast majority with nearly $122 million in 24 hours, while liquidated short positions account for about $9.9 million.

Here's a closer look at the key takeaways from today's BTC price action:

1. Bitcoin Price Drops Below $61K

Bitcoin price faced sharp selling pressure on Monday, dropping below the $61,000 level. This downturn comes after BTC failed to hold above the key resistance at $62,000.

With bears in control of the price action, BTC is now eyeing support at the psychologically important $60,000 level. However, if the selling pressure intensifies, the next support level to watch is around $58,400.

2. Total Liquidations Hit Over $320 Million

The sharp drop in Bitcoin price led to a surge in liquidations. According to data from Coinglass, the total liquidations in the past 24 hours reached over $324 million.

Of the total liquidations, longs accounted for more than $286 million, while shorts amounted to $36 million. Nearly $132 million of the liquidations were for Bitcoin.

3. Longs Accounted for Majority of Liquidated Traders

Out of the traders liquidated in the past 24 hours, longs made up the vast majority. Nearly $122 million in longs were liquidated, while liquidated short positions accounted for about $9.9 million.

According to the market data, over $95 million of the liquidated longs came in the past 12 hours.

Overall, more than 85,440 traders were liquidated in the past 24 hours.

4. Largest Single Liquidation Order on Binance

The largest single liquidation order within this period as of 12:30 pm ET on June 24 occurred on Binance. This liquidation was a $15.36 million burn on the BTC/USDT pair.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-crashed-k-mt-gox-repayment-news-spooked-market.html

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