Bitcoin is under huge pressure after falling sharply this week, and now close to its 3-week low price near $60,000. Market data shows that if Bitcoin falls below $60,000, it could trigger around $2.2 billion in liquidations, which may push the price down even faster.
Here are the key support levels to watch next.
Bitcoin price is already down nearly 8% this week, with selling pressure increasing across the market. In the past 24 hours alone, Bitcoin recorded $160 million in total liquidations, with $127 million coming from long liquidations.
This means that bullish traders were forced to close their positions as the price began to fall.
On-chain data now show a much larger threat ahead. Well, if Bitcoin drops below the key $60K support level, then the market will see a risk of $2.2 billion liquidation.
Such liquidation often trigger price crash as traders rush to close their long positions, before making any loss.
As the bitcoin price continues to decline, institutional sentiment has also weakened, adding to Bitcoin’s downside risk.
On February 23, Bitcoin spot ETFs recorded $203.8 million in net outflows, led by BlackRock’s Bitcoin ETF with $116.4 million in outflows, followed by Bitwise and Fidelity.
While it’s not just institutions, large bitcoin whales are also dumping bitcoin. One of the oldest Bitcoin whales, active since 2009, recently sold $1.24 billion worth of BTC.
This whale had held Bitcoin through multiple market cycles and chose to exit during the current market drop.
Now, all eyes are on the $60,000 level, which is now the most important support zone for Bitcoin. This level previously acted as strong support when Bitcoin dipped to this zone.
Looking at the weekly chart, if Bitcoin remains above the $60k level, it can gain strength and rally toward the $70,000 level. This is an important resistance level.
Further, if BTC breaks above $70,000, the price could rise toward the next resistance level of $77,023.
But if Bitcoin falls below $60,000, strong selling could start and push the price down faster. The next major support is near $53,485, where buyers may step in and try to stop the fall.
If Bitcoin breaks $60K, about $2.2B in leveraged positions could be liquidated, increasing volatility and accelerating short-term downside pressure.
If momentum builds, Bitcoin may target $70K first. A confirmed breakout above that level could push price toward the $77K resistance zone.
Bitcoin remains at a critical support zone. Holding $60K keeps recovery hopes alive; losing it may shift focus toward the $53.5K support area.
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