Why Is Bitcoin Dropping?

Bitcoin fell 6.25% to $63,442 in 24 hours, hit by a wave of liquidations and growing risk aversion across markets. About $87.8 million in BTC positions were wiped out as funding rates turned negative, signaling heavy leveraged selling. Heavy liquidations, nearly $100 million in long positions, were triggered when prices slid, flushing out leveraged traders. The decline also follows broader crypto weakness and rising geopolitical tensions between Iran and Israel, adding to global market uncertainty. If Bitcoin fails to reclaim $66,307, it could retest support near $60,074.

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