Bitcoin plunges over 10% toward $65K; worst one-day drop since FTX
Bitcoin fell more than 10% within 24 hours, sliding below $66,000 to a session low around $65,156 and trading near $64k at the time of reporting. The move puts BTC on track for its largest one-day drawdown (about 10.5%) since the FTX collapse on Nov. 8, 2022. Market-wide selling spilled into other assets: silver plunged ~15%, gold dropped ~2.8%, U.S. tech and major indexes fell, and crypto equities and miners lost double digits. Analysts cited thin liquidity and cascading liquidations as drivers, and flagged the 200-day moving average — roughly $58,000–$60,000 and close to Bitcoin’s realized price — as a key support zone to watch. Altcoins were hit harder: most tokens and memecoins fell over 10%, with XRP down ~19%. Traders should monitor liquidation levels, order-book depth, the $58K–$60K 200-day MA support, and volatility in correlated assets for short-term positioning and risk management.
Bearish
The article describes a sharp, broad-based selloff anchored by a >10% fall in Bitcoin and deeper losses in altcoins and crypto equities. Key drivers are thin liquidity and cascading liquidations — conditions that amplify downside momentum and increase short-term volatility. The mention of the 200-day moving average (~$58k–$60k) as potential support implies prices may still retest lower levels before a sustainable recovery. Historically, similar liquidity-driven crashes (for example, the Nov. 2022 FTX-driven drop) produced rapid, deep drawdowns and protracted volatility before recovery. Short-term impact: elevated liquidation risk, wider bid-ask spreads, and preference for reduced leverage or hedged positions. Longer-term impact: if BTC holds the $58k–$60k realized-price/200-day MA zone, it may re-establish a multi-year support base; failure below that could open deeper corrections. Traders should pare directional leverage, monitor funding rates, on-chain liquidation metrics, and watch correlated assets (silver, gold, tech stocks) for contagion signals.