Despite subsequent volatility, bitcoin found firm support just above $62,000 but repeatedly stalled whenever it tested the $62,500 resistance level. At the time of writing (2:21 a.m. EST), bitcoin was trading just under $62,300—a 3.6% decline over 24 hours. The daily slide dragged bitcoin’s total market cap down to $1.25 trillion, down from its Monday peak of $1.3 trillion.
The downturn triggered $171 million in total crypto liquidations, with long bets accounting for $158 million of the losses. Coinglass data revealed that 11,202 traders worldwide were liquidated during the 24-hour rout, with the largest single liquidation valued at $7.06 million.
The crypto slump mirrored a broader sell-off across global equity markets, where several major indices posted steep losses. South Korea’s Kospi led the decline, plunging nearly 10% and triggering a trading halt amid a sharp pullback in tech stocks. Analysts largely attributed the souring investor sentiment to a narrowing path for Federal Reserve interest rate cuts.
However, Mike McCluskey, co-founder of Tx, argues the Fed’s trajectory is only half the story. Instead, he points to telling signals within the options market and spot bitcoin exchange-traded fund (ETF) flows.
