Bitcoin fell more than 10% in the past 24 hours, slipping below $66,000 and signaling its largest daily drop since the FTX collapse in November 2022. The selling pressure extended beyond crypto, with silver down about 15% and gold down more than 2%, while software stocks and major U.S. indices also traded lower. Prices hovered near session lows around $65,156, underscoring the breadth of the move.
Analysts warned that no clear bottom has formed, pointing to the $58,000–$60,000 range as a key support, a level that also aligns with Bitcoin’s realized price and could serve as a durable multi-year floor. This level could provide a strong base if held, according to market observers. Altcoins such as XRP have suffered larger losses than Bitcoin in this downturn.
Altcoins have borne much larger losses than Bitcoin in this downturn. The broader selloff has intensified pressure across the crypto space, while liquidity remains thin and even modest selling can trigger sharp price moves and cascade into further liquidations. With sentiment fragile and bid-ask liquidity thin, even modest selling can spark outsized moves.
Bitcoin’s performance has appeared relatively modest compared with the broader altcoin rout. The market’s fragility—thin liquidity and limited bid/ask orders—means even small selling pressure can trigger outsized moves and fuel further liquidations. Analysts say a bottom remains elusive as liquidity conditions tighten, leaving altcoins to absorb larger losses than Bitcoin.
Leave a Reply