Bitcoin price fell below $60,000 on Wednesday, extending a wider crypto market selloff as pressure across risk assets moved into digital markets and triggered another wave of leveraged position liquidations.
The largest crypto asset by market value dropped nearly 5% over 24 hours and reached a low near $59,600 before trading around $59,800 at press time. The move pushed Bitcoin below a closely watched long-term technical level and renewed debate over whether the market could test the $50,000 area.
Source: X
Prediction market odds for Bitcoin falling below $50,000 in 2026 climbed to 64%, while the chance of a move below $45,000 rose to 46%. The shift came as total crypto market capitalization fell to about $2.08 trillion, leaving the broader market down roughly 3% on the day.
Bitcoin Selloff Triggers $650M in Liquidations
The selloff triggered more than $650 million in liquidations over 24 hours, according to CoinGlass data. Long positions accounted for about $580 million of the total, while short liquidations reached about $70 million, showing that the latest move mainly forced bullish leveraged traders out of the market.
Selling pressure was concentrated on major exchanges. Market data showed about $479 million in BTC flows into Binance as panic selling increased, with roughly 7,600 BTC reportedly moving to the platform while Bitcoin traded near the low $60,000 range.
Additional market data showed more than $470 million in sell orders executed on Binance in a single minute as Bitcoin fell below $60,000. Within an hour, sell orders on the platform reportedly climbed above $1.2 billion, pointing to heavy liquidity around the breakdown level.
The move was not limited to Bitcoin. Ethereum fell below $1,600 and traded near $1,590, while Solana dropped below $67 and XRP traded near $1.05. The broad decline showed that investors were reducing exposure across large-cap digital assets rather than only reacting to Bitcoin-specific pressure.
Crypto Market Erases Over Half Its Value
The broader crypto market has now lost more than half its value from its October 2025 peak. The Kobeissi Letter noted that total crypto market capitalization reached about $4.3 trillion on October 6, 2025, before falling to around $2 trillion roughly 261 days later.
That decline represents a 54% drop in total market value, equal to an average loss of about $8.8 billion per day over the period. The figures show that the current selloff is part of a longer correction rather than a one-day market event.
Source: X
Macro conditions have also weighed on risk assets. The U.S. dollar index reclaimed the 100 level, while gold and silver also fell during the session. Concurrently, the rate-cut expectations for 2026 have been priced down following the U.S.-Iran conflict, adding pressure to assets that depend on liquidity and risk appetite.
Although the S&P 500 and Nasdaq remained relatively flat during the session, Bitcoin and other digital assets continued to trade with higher sensitivity to liquidity concerns, leverage reduction, and exchange-level sell pressure.
Bitcoin Loses 200-Week Moving Average Support
Bitcoin traded near $59,557 on the weekly Bitstamp chart after losing the 200-week moving average, which was shown around $62,443. That level has historically acted as a major long-term support area during deep Bitcoin market corrections.
The breakdown means the 200-week moving average may now act as resistance if Bitcoin attempts to rebound. A weekly close back above the $62,400 to $63,000 range would be the first sign of recovery, while continued trading below that area keeps attention on lower support zones.
Source: X
The next support area sits near $55,000, followed by the larger psychological and technical region near $50,000. Analyst Ted’s cycle-based framework compares current price action with prior bear market behavior, when Bitcoin bottomed roughly 34% below the 200-week moving average.
Using the current 200-week moving average near $62,443, a 20% downside deviation would place Bitcoin close to $50,000. That level now aligns with rising prediction market odds and growing concern that the market may need a deeper reset before a stronger recovery can form.
