Bitcoin Price Drops Below $61K, Liquidating Over $122 Million in Long Positions

Bitcoin's price dropped below $61,000, triggering the liquidation of over $122 million in leveraged long positions. The move comes as the market anticipates the selling pressure from the Mt. Gox repayment, where over $9.4 billion worth of Bitcoin is owed to creditors. This potential sell-off could push the price below the critical $60,000 threshold. Adding to the pressure, a German-government labeled wallet moved nearly 6,500 BTC, further suggesting potential selling. Bitcoin's Relative Strength Index (RSI) has reached 28, indicating oversold conditions, a level not seen since August 2023 when BTC was trading at $26,000. The market is now closely watching how the Mt. Gox repayment and potential selling pressure will impact Bitcoin's price.