Bitcoin Price Plummets by Nearly $2,000 in Four Hours

Bitcoin's price plummeted by nearly $2,000 in just four hours, resulting in a significant decline of around $60 billion from the crypto market. The rapid selloff triggered heavy long liquidations, with over $130 million worth of positions being closed at scale.

The move saw Bitcoin's price drop below the $63,000 mark, with some analysts comparing the current setup to the 2021 cycle peak. A double-top structure is forming on the chart, similar to the one seen during the prior cycle breakdown. If this pattern holds true, it could potentially lead to a final flush toward the $50,000 level in March.

Market participants are closely monitoring key support zones, particularly the rising long-term trendline between $55,000 and $60,000. A sustained move below $60,000 could open up room for prices to drop further, while a recovery above $70,000 may ease short-term selling pressure.