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.