The crypto market just took a sharp turn into "Extreme Fear" as
$BTC officially breached the critical $66,000 psychological support level. This move has sent shockwaves through the derivatives market, triggering a massive wave of liquidations.
The Hourly Damage:
$30,130,000+ in long positions have been wiped out in the last 60 minutes alone.Total 24-hour liquidations for Bitcoin have already surged toward $47 million.The Fear & Greed Index has plummeted to a staggering 11/100, signaling a "panic-like" sentiment across the board.
Why is this happening?
The drop appears to be a classic leveraged washout. As prices slipped, automated margin calls triggered a "liquidation cascade," forcing more selling and driving the price even lower. This is compounded by macro uncertainty following hawkish FOMC minutes and institutional outflows from Spot Bitcoin ETFs, which saw $133.3 million in exits today.
Key Levels to Watch:
Support: If BTC fails to reclaim the $66,000 zone, the next major "floor" sits at $60,000. A daily close below $65,000 could expose a deeper pullback toward the $55,000 range.Resistance: To invalidate this bearish momentum, bulls need a decisive break back above $67,000–$68,000.
Strategy Note:
With the 14-day RSI dipping into oversold territory, some analysts suggest a "long, slow grind" or consolidation phase may follow this volatility. While the long-term outlook remains tied to institutional adoption, the immediate path is clouded by macro-driven risk aversion.
Are we witnessing a healthy leverage reset, or is there more downside to come? Stay sharp, use stop-losses, and never trade more than you can afford to lose.
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