Bitcoin’s recent decline was not an isolated event. Over the past 12 hours the market worsened, sending BTC to a multi-month low and dragging most altcoins down with it.
The crash wiped out more than 270,000 overleveraged traders as prices plunged and volatility spiked.
The Drop
It may seem like a long time ago, but only a few weeks back Bitcoin traded near $82,000 before a dramatic downturn began. Earlier this week the asset fell to just above $65,000, and although it recovered to about $67,000 yesterday, bears regained control this morning.
On major exchanges, including Bitstamp, BTC slid to just above $61,000 — the lowest level in four months. In early February BTC briefly touched $60,000, which many analysts considered the bottom of the recent cycle. The latest move, however, has changed that outlook.
Prominent analyst Crypto Fabrik observed the growing bearish momentum and warned of a potential further drop that could push Bitcoin toward and possibly below $55,000.
Altcoins were broadly pressured as well. Ethereum tumbled to a 14-month low of just over $1,700 earlier today, prompting some analysts to call it a potential buy-the-dip opportunity.
Except for a few exceptions — including HYPE, which has shown relative strength — most altcoins fell more than 5% on the day. Some tokens, such as TON, experienced steeper losses, dropping over 12% in a single day.
Liquidations Rocket
The surge in volatility drove a sharp increase in liquidations. CoinGlass data shows that more than 270,000 traders were liquidated in the past 24 hours, with total liquidated value reaching about $1.61 billion during the same period.
Long positions accounted for the overwhelming majority of losses, totaling roughly $1.35 billion. Bitcoin dominated liquidations, with BTC longs making up over half of the total — more than twice the liquidation volume seen in Ethereum.
The largest single liquidation recorded occurred on Hyperliquid and exceeded $16 million.
Market participants will be watching whether the sell-off finds support near current levels or if further downside pressure drives prices lower. Given the high liquidation totals and dominant bearish sentiment, volatility is likely to remain elevated in the near term.