Bitcoin (BTC) Drops Below $60K as Crypto Market Loses $155M in Liquidations

After holding above the $60,000 level for four consecutive days, Bitcoin (BTC) fell below this threshold on Aug. 11

Bitcoin (BTC) price dropped below the $60,000 level on Aug. 11 as a fresh batch of crypto traders were liquidated for expecting too much from the market.

BTC began the day trading at $60,330, but it quickly fell below the key psychological level and continued to drop throughout the morning. By 09:00 AM UTC, BTC had fallen as low as $58,269 before recovering slightly to trade at $58,924 at the time of writing.

The cryptocurrency hit a new intraday high of $61,562 earlier on Aug. 11 after rising from a low of $58,269. However, BTC faced resistance at the $61,000 level and was unable to break through this threshold. As a result, the price began to fall once again, eventually dropping below the $60,000 level.

A recent report from Grayscale highlighted the potential for crypto to perform well in H2 as the market recovers from the bear trend earlier this year. The analysis predicts that Bitcoin and Ether could rise by 25% and 75%, respectively, if the U.S. economy achieves a “soft landing” and avoids a recession. The report also suggests that BTC could approach its all-time high later in the year.

Meanwhile, the broader crypto market also saw a decline, with the total market cap decreasing by 4.32% over the past 24 hours to reach $2.05 trillion.

Despite a 52% increase in global crypto trading volume compared to the previous day, trading activity was still lower than the previous week. This recent dip brings BTC’s weekly loss against the U.S. dollar to 9.7%.

Among the top ten cryptocurrencies by market capitalization, Toncoin (TON) suffered the most significant loss, falling 8.43%, followed by Solana (SOL) with an 8.12% decrease, and Dogecoin (DOGE), which declined by approximately 6.75%. As the evening progressed, market prices remained volatile with heightened selling pressure.

A large number of long positions were liquidated in the crypto derivatives markets on Aug. 11 as the price of BTC dropped below the key psychological level of $60,000. According to data from Coinglass, total crypto liquidations over the past 24 hours reached $155.25 million.

Out of the total crypto liquidations, approximately 80%, or $124 million, involved long trading positions, representing traders who had anticipated further price increases. In the last 24 hours, over 61,637 traders were liquidated.

The largest single liquidation occurred on the OKX exchange, amounting to $2.17 million. Bitcoin led the liquidations with $41.31 million, followed closely by Ethereum, which saw $39.53 million in liquidations.

Binance topped the list with $7.04 million in liquidations — $2.42 million from long positions and $4.62 million from shorts. OKX followed with $3.48 million in liquidations — $1.30 million from longs and $2.18 million from short positions.

As a result, total crypto open interest dropped by 3.12% and is currently around $27.5 billion, per Coinglass data.

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