Bitcoin Slumps Below $61,000 as $190M in Long Positions Wiped

Bitcoin's price has dropped below $61,000 as investors face a sudden wave of selling pressure. Approximately $190 million in long positions have been wiped out due to leveraged traders being forced to close their bets.

This sharp downturn marks a significant shift in short-term market sentiment, reversing recent bullish momentum and reinforcing concerns about heightened volatility across digital asset markets.

The decline has dragged down sentiment across the broader crypto market, with many altcoins experiencing parallel losses as investors reduced exposure to risk assets. Market analysts attribute the correction to a combination of profit-taking, macroeconomic uncertainty, and technical selling pressure after recent gains.