Bitcoin’s price under scrutiny as daily crypto liquidations approach $300 million, nearing levels below $60,000.

Bitcoin (BTC) experienced a drop to a two-week low during the opening of Wall Street on April 30, following the disappointment surrounding new spot price exchange-traded funds (ETFs).
BTC/USD 1-hour chart. Source: TradingView
The drop in BTC/USD occurred after the Asia trading session, causing the pair to lose support at $61,000.
During this time, there were significant liquidations in the crypto market, totaling $275 million in a 24-hour period, according to data from monitoring resource CoinGlass.
Crypto liquidations (screenshot). Source: CoinGlass
The already cautious market sentiment turned bearish as it was revealed that the trading volumes for Hong Kong’s new Bitcoin ETFs on the first day fell far below expectations.
The new products managed to reach $12.4 million in trading, which is still impressive considering the size of the local market, as stated by Bloomberg Intelligence analyst Eric Balchunas.
In a tweet, Balchunas expressed a positive view of the first day’s performance, stating, “East vs West: The US did $740m in assets and $4.6b in trading. These are far below that but if you adjust for the size of their mkt it is dif story: equiv of $25b+ and $1.6b, respectively.”
Hong Kong Bitcoin spot ETF data. Source: Eric Balchunas/X
Balchunas also noted that the timing of the Hong Kong launch would impact overall spot ETF flows, especially at a time when U.S. volumes had turned slightly negative.
Recent data from sources, including UK-based investment firm Farside, confirmed four consecutive days of net outflows for U.S. ETFs through April 29.
U.S. Bitcoin spot ETF data (screenshot). Source: Farside
Market participants are concerned about where the current weakness in BTC price may reverse. They are closely watching the $60,000 level as potential support, with the 50-day exponential moving average (EMA) also seen as a significant level for consolidation.
BTC/USD 1-day chart with 21, 50 EMA. Source: TradingView
Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, argued in an online post that the 50-day EMA and the $60,000 level are key levels to watch for a potential reversal. They also mentioned that the consolidation range extends up to $74,000.
Another trader, Axel Adler, raised concerns about Bitcoin futures being shorted, which adds to the uncertainty surrounding nearby support levels.
Source: Axel Adler
Please note that this article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making a decision.