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Bitcoin is under heavy pressure after a sharp drop this week, trading close to its three-week low near $60,000. Market data indicate that if Bitcoin falls below $60,000, it could trigger around $2.2 billion in liquidations, potentially accelerating the decline.
Bitcoin is down nearly 8% over the week as selling pressure increases across the market. In the past 24 hours, Bitcoin recorded $160 million in total liquidations, including $127 million from long liquidations. These figures suggest bullish traders have been forced to close positions as the price moved lower.
On-chain data point to a larger downside risk ahead: a break below the $60,000 support level could expose the market to approximately $2.2 billion in additional liquidations. Such events can contribute to faster price declines as traders rush to close long positions to limit losses.
As Bitcoin’s price declines, institutional sentiment has weakened, increasing the risk of further downside. On February 23, Bitcoin spot exchange-traded funds (ETFs) recorded $203.8 million in net outflows. BlackRock’s Bitcoin ETF accounted for $116.4 million of those outflows, followed by outflows from Bitwise and Fidelity.
Large holders have also been reducing exposure. One of the oldest Bitcoin whales—active since 2009—reportedly sold $1.24 billion worth of BTC. The whale had held through multiple market cycles and exited during the current downturn.
The $60,000 level is now the most important support zone for Bitcoin. It previously acted as strong support when Bitcoin dipped to this area.
If Bitcoin holds above $60,000, it may build strength and rally toward the $70,000 level, described as an important resistance point. A move above $70,000 could open the way for a rise toward the next resistance level of $77,023.
However, if Bitcoin breaks below $60,000, selling could intensify and push the price down faster. The next major support is near $53,485, where buyers may step in to try to limit the decline.
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