Bitcoin Price Plunges 12% in 24 Hours—Here’s What You Need to Know
- Volatility spike: Bitcoin price dropped from $70,000 to $61,600 after a massive sell-off triggered by a regulatory warning from the U.S. Federal Reserve, wiping out $47 billion in market cap in under 90 minutes.
- Panic selling intensifies: Over $400 million in long positions were liquidated as traders rushed to exit, with one whale dumping 3,000 BTC on Binance—the largest single sell order since 2022.
- Correlation with stocks: The crash aligned with a broader market downturn, as the S&P 500 fell 2.3% and tech stocks slid, amplifying fears of a macro risk-off shift that traditionally drags bitcoin price lower.
- Historical resistance fails: The $69,000 level, previously a strong support, broke instantly, leading to a cascade of stop-loss triggers—a pattern seen in past crashes like the May 2021 drop, signaling potential for further downside.
- Expert warning: Analysts at Glassnode note that the next critical zone is $58,000, where 1.2 million addresses hold 450,000 BTC, making it a make-or-break point for a recovery or a deeper correction.