Bitcoin Slides Below $64K as Extreme Fear Triggers $452M Liquidations
Bitcoin broke below the $64,000 support level and traded around $62,500, pushing the Crypto Fear and Greed Index to extreme fear (14/100). The sell-off coincided with heavy leverage unwinds: over $452M in liquidations were reported in 24 hours, with roughly $361M coming from long positions. This forced long traders out and amplified downward pressure.
Derivatives flow also added stress. About $2.13B in BTC and ETH options expired, and both assets settled below their max pain levels (BTC $65,000; ETH $1,725). On the technical side, traders are watching the $60,400–$63,000 zone. A breakdown below the next daily support near $60,423 and the psychological $60,000 level could weaken market structure further. Resistance is highlighted near $68,546 (0.236 Fibonacci retracement). Momentum remains soft: RSI around 35.6 and MACD below zero, though the MACD histogram has turned positive, hinting that selling momentum may be slowing.
Macro/regulatory headlines were also cited as a backdrop for caution, including G7 discussion of North Korean crypto theft networks and US stablecoin customer-ID proposals. Overall, Bitcoin’s loss of key support is the immediate driver traders will monitor for confirmation of either capitulation or rebound.
Bearish
Bitcoin’s break below $64K, coupled with an extreme Fear and Greed reading (14) and large liquidation totals ($452M), typically signals forced deleveraging rather than orderly selling. Historically, when long positions are heavily liquidated, downside can extend short-term due to “cascade” selling, even if the broader market is near support.
In the next session(s), traders are likely to test the $60,400–$63,000 area and especially $60,000. If BTC fails to reclaim the broken support, bears gain confirmation and may press for a further move toward/through the next support zone.
On the other hand, the slightly improving momentum signal (MACD histogram turning positive) and the fact that option max-pain settles above current levels can later reduce immediate selling pressure, creating a potential bounce once leverage is cleared. But with RSI still weak (~35.6) and MACD below zero, the risk remains that any rebound is corrective until BTC reclaims $64K and then $68.5K.
Therefore, the expected near-term impact is bearish, while the longer-term outcome depends on whether BTC can stabilize above $60K and rebuild trend confidence after this liquidation/expiry-driven shock.