Bitcoin Plunges to $58K Amid Leveraged Liquidations and Macro Headwinds

BTC plummeted to $58,000 on Thursday as leveraged liquidations rocked the market and macroeconomic concerns weighed heavily on crypto sentiment. The sudden move wiped out hundreds of millions of dollars in leveraged positions and pushed Bitcoin to its weakest level in months.

The sell-off came as investors reacted to uncertainty surrounding interest rates, changing expectations from the Federal Reserve, and persistent weakness across the broader cryptocurrency market.

Around $450 million in leveraged long positions were liquidated, triggering additional selling pressure. Despite this, analysts noted that approximately $1.6 billion in additional long positions could still face liquidation if Bitcoin falls below key support levels, leaving the market vulnerable to continued volatility.