"Bitcoin price is experiencing one of the most dramatic selloffs in its history Thursday, sliding sharply through key support levels and sparking massive liquidations in the derivatives market. According to Bitcoin Magazine Pro data, the world's largest cryptocurrency crashed through critical floors, dipping towards the $62,000 floor, marking the largest raw dollar drawdown ever recorded for BTC. The October 2025 all-time high above $126,000 now sits roughly $63,000 above current bitcoin price levels, as panicked selling intensified across exchanges."
"The severity of the move was amplified by leveraged derivatives. As the bitcoin price collapses, forced liquidations are surging, with over $1 billion in positions wiped out over the past 24 hours, predominantly long bets facing automatic close-outs as BTC broke key levels, according to Coinglass data. Traders who entered positions on recent strength were hit as support near $70,000 failed to hold earlier today, feeding a feedback loop of deleveraging that pushed price deeper into the $60,000 range."
Bitcoin plunged sharply through multiple key support levels toward the low $62,000s, marking the largest raw dollar drawdown in its history. The October 2025 all-time high above $126,000 now sits roughly $63,000 above current levels, representing about a 50% drop from the peak. Leveraged derivatives amplified the move, producing over $1.1 billion of forced liquidations in the past 24 hours as predominantly long positions were automatically closed. The crash followed a retracement from above $90,000 eight days earlier, leaving BTC about 35% lower over the past 12 months. Volatility spiked and indicators show limited stops before sub-$60,000 levels.
Read at Bitcoin Magazine
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