Analyst: Leveraged liquidations dominated this round of decline, with $60,000 being a key support level for Bitcoin

Odaily Planet Daily News: Presto Research Associate Min Jung stated that Bitcoin falling below $63,000 seems to reflect a broad deterioration in market sentiment for cryptocurrencies rather than a single fundamental catalyst. In the short term, macro headline news, especially around tariffs and re-emerging geopolitical uncertainties, is intensifying the risk-averse sentiment in digital assets.

Jung added: “It’s worth noting that even when traditional risk assets remain relatively resilient, cryptocurrencies have recently underperformed. This divergence indicates that the sell-off is not purely driven by macro factors but also reflects weakening marginal demand, thinning liquidity, and ongoing deleveraging within the crypto-native market.”

Bitrue Research Director Andri Fauzan Adziima said: “We have seen large-scale long liquidations, hundreds of millions of dollars wiped out, funding rates remain negative, open interest contracts have sharply declined, and the futures market is clearly bearish. Short-term holders are suffering heavy losses, but long-term holders have not yet begun to sell off massively; on-chain HODL signals show that during strategic risk reduction, some are quietly accumulating.”

Adziima pointed out that the $60,000–$63,000 range is a key support zone for Bitcoin. If the price can hold steady at or above this level, the market could benefit from negative funding rates hurting short positions, creating conditions for a classic “short squeeze after a washout.” The analyst added that potential macroeconomic easing or ETF fund re-entry could further support this trend. (The Block)