Panic selling sends Bitcoin below $60K once again – The pressure piles on!
In the past 24 hours, Bitcoin [$BTC] saw $415.83 million worth of derivatives traders liquidated, with $319.18 million worth of these positions being long. Recent hours of trading saw the leading crypto test the $59.1k low once again, threatening another bearish breakdown. Since the 6th of May, the Coinbase Premium Index for Bitcoin has been negative. The metric tracks the assets price difference between Coinbase (USD pair) and Binance ($USDT pair). Source: CryptoQuant The low premium levels implied reduced enthusiasm among U.S.-based investors compared to the global market. Additionally, the liquidation heatmap data AMBCrypto reported on earlier indicated why $BTC prices might dive toward the $57k area in the coming days. Price weakness versus subsiding Spot selling pressure Source: $BTC/$USDT on TradingView The 4-hour chart showed a bearish swing structure in place. The fall from $74.5k to $59.1k was used to plot a set of Fibonacci retracement levels (yellow). The 50% level at $66.8k rejected the bullish advance. The longer-term structure, combined with this rejection, meant that a price drop to $55.5k and possibly even $49.6k could commence in the coming weeks. The hidden danger for the next Bitcoin market phase Glassnodes weekly market report noted that Spot markets led the sell-off. Derivatives markets reacted to the move rather









