Bitcoin price fell below $61,000 on Monday as bearish pressure increased, resulting in over $320 million in liquidations within 24 hours.

With bulls unable to maintain key price levels, Bitcoin’s current dip points to a potential drop to the significant $60,000 mark. The downturn is also evident in the altcoin market, with Ethereum failing to stay above $3,300. Solana, BNB, and XRP also experienced substantial losses. Uniswap and Maker, down 12% and 9% respectively in the past 24 hours, are the biggest losers among the top 50 coins by market cap.

Market Liquidations Surpass $320 Million

As Bitcoin dropped below $62,000 on Monday, total liquidations across the cryptocurrency market exceeded $300 million. With BTC now below $61k, the total liquidations have increased to over $324 million. Of this, more than $286 million are long positions, while $36 million are short positions.

According to market data, nearly $132 million of the liquidations are for Bitcoin. Long positions constitute the majority of liquidated trades, totaling nearly $122 million in 24 hours, while short positions account for about $9.9 million. Over $95 million of the liquidated longs occurred within the past 12 hours. Overall, more than 85,440 traders were liquidated in the past 24 hours. The largest single liquidation order during this period was a $15.36 million burn on the BTC/USDT pair on Binance.

Factors Contributing to the Bitcoin Price Drop

On June 24, the trustee of the bankrupt crypto exchange Mt. Gox announced that repayments to creditors would begin in July. With over $9 billion in BTC earmarked for distribution, investor reaction was swift, causing Bitcoin’s price to fall more than 5%. The market reacted to fears of a potential sell-off, breaking past support levels.

Additional selling pressure came from a wallet linked to the German government. Earlier this year, German police seized close to 50,000 BTC, valued at around $2.1 billion at the time. As Bitcoin’s value increased, the total worth of these coins reached over $3 billion. Data shows that this wallet recently sold a significant amount of BTC, likely contributing to the downward pressure.

Miners have also sold a considerable amount, with data indicating about 30,000 BTC sold post-halving.

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