Bitcoin Longs Liquidated as BTC Falls Below $61K
The selling pressure from the Mt. Gox repayment could cause Bitcoin’s price to drop below $60,000.
- Over $122 million in leveraged long positions liquidated as BTC falls
- Potential drop below $60,000 threshold
Bitcoin Liquidations and Price Drop
Over $122 million in leveraged long Bitcoin positions liquidated as BTC price falls over 5%. Bitcoin briefly dropped below $61,000 before liquidations occurred.
- Bitcoin down over 7% on weekly chart
- Potential liquidations below $60,500 level
Mt. Gox Repayments and Selling Pressure
Mt. Gox to start processing repayments, introducing significant sell pressure. German government-labeled wallet moves 6,500 BTC adding to selling pressure.
Bitcoin Oversold Conditions
Bitcoin’s price most oversold since $26,000. RSI indicates oversold conditions with a value of 28 on the daily chart.