Cryptheory: Crypto and Internet

cryptocurrency and internet meaning, guides, learning

BTC Rejection At $60K Ends Five Days of Growth

1 min read

BTC Rejection At $60K Ends Five Days of Growth

BTC (BTC) stopped short of retaking the $60,000 threshold earlier today, following a harsh rejection at the $59,800 price point.

Following five days of constant growth, during which BTC recovered from $50,427 back up to today’s high of $59,800, the cryptocurrency failed to maintain its momentum, and suffered a staggering $600 million in liquidations over a period of just minutes.

This sent the value of BTC plunging from $59,800 down to as low as $56,679 in just over an hour. The dump was fueled by a wave of triggered stop-losses, with $1,800 wiped from BTC’s value in a single 5-minute candle. Since then, the price of BTC has largely recovered and is currently hovering around the $57,500 mark. It is now down around 2.9% for the day.

BTC/USDT (Image: TradingView)

Fueled by a wave of news including rising interest rates and a third stimulus bill in the U.S., BTC reached an all-time high of over $61,000 earlier this month. Today’s pullback means BTC needs to rack up another 7% gain to reach a new peak price.

Despite today’s sudden sell-off, the overall cryptocurrency market is at close to its highest-ever market value. Just hours ago, the total market capitalization of all cryptocurrencies reached $1.89 trillion—more than ten times its value ($179 million) exactly one year ago. Likewise,’s Crypto Fear & Greed Index currently sits at 76 (extreme greed), indicating buyers are still hungry for further growth.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published. Required fields are marked *