Date: Thu, Oct 10, 2024, 06:19 PM GMT
The cryptocurrency market experienced a sharp downturn today, as Bitcoin (BTC) slipped below the critical support level of $60K. What began as a promising October, often referred to as “Uptober” by crypto enthusiasts, has quickly turned sour, leading to what many are now calling “Downtober.”
Liquidations Hit Hard
With Bitcoin dropping below $60K, the fallout for derivative traders, particularly those holding long positions, has been severe. Within just one hour of BTC breaking this key level, liquidations skyrocketed to $73 million, with Bitcoin positions accounting for $34 million of that total. In the past 24 hours, total market liquidations have reached a staggering $252 million—an overwhelming $224 million from long positions and $28 million from shorts.
APT and SUI Face Bigger Losses
Bitcoin’s drop has had a ripple effect, hitting altcoins hard—especially Aptos (APT) and Sui (SUI), both of which have seen notable losses today.
Aptos (APT):
Currently down over 11%, APT is trading at $7.97. If the bearish momentum continues, the token may revisit its support level of $7.40.
Sui (SUI):
After gaining 90% over the last 30 days, SUI has dipped by over 7% today, now trading at $1.77. Continued downward pressure could push SUI towards its next support levels at $1.72 and $1.62.
What to Expect Ahead
Bitcoin is now trading in a bearish mood after facing strong rejection at $66K. Slipping below the crucial $60K support, BTC is hovering around the $59K mark.
If it fails to hold this level, the next target could be $57,700. However, if buyers step in, Bitcoin could find some short-term stability at these lower levels.
Conclusion
The cryptocurrency market has entered a period of volatility, with Bitcoin’s slip below $60K triggering significant liquidations and steep losses across key altcoins like Aptos and Sui. As the market reacts to this downturn, traders should remain cautious, especially with Bitcoin teetering on crucial support levels. While short-term recovery is possible, the current bearish momentum suggests further declines could be on the horizon if key support levels fail.
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