Bitcoin has fallen 17% over the past four days, triggering a cascade of liquidations that has erased roughly $4.5 billion in leveraged positions across crypto markets. The drop — among the sharpest this year — has pushed the world's largest digital asset toward a critical threshold, with analysts now warning that a break below $60,000 could open the door to deeper losses.
Where the selloff stands
The move accelerated late Tuesday and into Wednesday, as selling pressure overwhelmed bid support on major exchanges. By Thursday morning, bitcoin was trading near $62,000, down from roughly $74,000 just four days earlier. The speed of the decline caught many traders off guard, especially those holding long positions with high leverage.
$4.5 billion in liquidations
Data tracked across derivatives platforms show that the rout has forced the liquidation of roughly $4.5 billion in futures contracts — the majority of them long positions. Exchanges in Asia and the US reported unusually high volumes of forced closures, with some platforms seeing their liquidation engines hit record throughput. The sheer scale of unwinding has added to the downward momentum, creating a feedback loop that kept prices falling through the overnight session.
The $60,000 risk
With bitcoin now hovering just 3% above the $60,000 mark, a handful of analysts are flagging that level as a key support. If it breaks, they say, the next floor could be significantly lower — though they stop short of naming a specific target. The warning is notable because $60,000 has served as a psychological anchor for buyers since it was reclaimed earlier this year. A failure to hold would mark the first time bitcoin has traded below that level since January.
Traders are now watching to see whether the selloff finds a bottom in the coming sessions. The liquidation wave has cleared out a large chunk of leveraged speculation, which could allow a more organic recovery — or signal that the market hasn't fully repriced yet. The immediate focus is on whether bitcoin can defend the $60,000 zone when U.S. markets open later today.
