Crypto Market Crash: $380B Wiped Out as $2.6B Liquidations Push Bitcoin to $60K. What’s Next?

The breakdown was further confirmed as Bitcoin dropped below key trend indicators. BTC lost support at both the 50-day and 100-day moving averages, levels closely watched by swing traders and short-term institutions. The failure to reclaim these averages turned them into immediate resistance, strengthening the bearish bias.

 Weak Dip Buying at Key Levels—Why Buyers Stepped Back

One thing that stood out during Bitcoin’s slide to $60,000 was how quietly buyers stepped back. When the price fell through the $65,000–$62,000 zone, there was no strong rush to buy the dip, unlike earlier pullbacks. Any short-term bounce was quickly sold, showing that traders were more focused on cutting risk than building new positions. 

With volatility high and liquidations piling up, many chose to stay on the sidelines and wait for clarity. That lack of conviction left Bitcoin exposed, allowing sellers to stay in control and push the price down toward the $60,000 level.

The Bottom Line—Has the Crypto Market Officially Entered a Bear Market?

The recent sell-off has clearly changed the mood across the crypto market. Bitcoin losing the $60,000 level, repeated billion-dollar liquidation events, broken supports, and a lack of strong dip buying suggest this move is more serious than a normal correction. Confidence has weakened, risk appetite has dropped, and traders are no longer quick to step in on dips.

Still, calling this an official bear market may be too early. Bear markets usually show prolonged weakness and repeated failures to recover key levels, not just a sharp breakdown. Right now, the market feels stuck in between—no longer bullish, but not fully broken either.

What happens next matters most. If Bitcoin fails to reclaim lost levels and selling pressure continues, this phase could easily turn into a full-fledged bear market. For now, crypto stands at a decisive crossroads.

About Author