The price of Bitcoin is currently undergoing one of the most significant selloffs in its history, as of Thursday, demonstrating a sharp decline through important support levels and triggering extensive liquidations within the derivatives market.
The all-time high of October 2025, exceeding $126,000, now stands approximately $63,000 above the current price levels, amidst escalating panic selling across various exchanges.
This drawdown represents a 50% decline from its all-time highs, aligning it with Bitcoin’s most severe historical corrections, surpassing even the selloff experienced during the FTX crisis.
The prolonged downtrend in Bitcoin’s price has resulted in the erosion of nearly half of its peak value, against a backdrop of weakening broader risk assets amid global market strains and evolving macroeconomic sentiment.
Over $1.1 Billion in Forced Liquidations Reported Within the Past Day
The intensity of the market movement has been exacerbated by leveraged derivatives.
As Bitcoin’s price continues to deteriorate, forced liquidations have surged, resulting in over $1 billion in positions being liquidated in the past 24 hours, predominantly affecting long positions that faced automatic closure as Bitcoin passed critical levels, according to data from Coinglass.
Traders who had entered positions based on recent strength encountered significant losses as support near $70,000 failed to hold earlier today, instigating a feedback loop of deleveraging that propelled the price into the $60,000 range.
Bitcoin Price Support Zones
The plunge on Thursday caused the asset to breach multiple support zones, resulting in heightened volatility as the market structure decisively shifted towards a bearish outlook. Indicators suggest limited protective stops are in place before potential sub-$60,000 levels.
Crypto-linked equities experienced sharp declines on Thursday, as Bitcoin’s selloff reverberated through equity markets. Shares of prominent miners such as Riot Platforms and MARA Holdings saw double-digit percentage declines.
Similarly, firms with substantial exposure to crypto, including Coinbase and Robinhood, also faced significant downturns. This broader market decline exerted additional pressure, with technology and other high-beta assets selling off concurrently with digital assets.
The iShares Bitcoin Trust (IBIT), a spots Bitcoin ETF managed by BlackRock that allows investors to engage with Bitcoin without direct ownership, shattered its daily volume record with approximately $10 billion in shares traded—despite observing a price drop of 13%, marking the second-worst one-day decline since its inception.
Shares of Strategy ($MSTR) are down over 15% today, with earnings report expected later tonight. At the time of this writing, Bitcoin is trading just below $64,000.
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