Bitcoin price experienced one of the most dramatic sell-offs in its history on Thursday, sliding sharply through key support levels and triggering massive liquidations in the derivatives market.
According to Bitcoin Magazine Pro data, the world’s largest cryptocurrency crashed through critical floors and fell towards the $62,000 floor, marking the biggest raw dollar decline ever recorded for BTC.
The October 2025 all-time high above $126,000 now sits about $63,000 above the current bitcoin price level as panic selling intensified across exchanges.
This reduction is now 50% from all-time highs, placing it alongside some of Bitcoin’s most extreme historical corrections, even larger than the selloff that occurred around the FTX crash.
Bitcoin price’s sustained downtrend has erased nearly half of its peak value, while broader risk assets have weakened amid global market stress and changing macro sentiment.
Over $1.1 billion in foreclosures in the last 24 hours
The difficulty of the move was enhanced by leveraged derivatives.
As bitcoin price collapses, forced liquidations rise with over $1 billion in positions wiped out over the past 24 hours, mostly long bets facing automatic closure as BTC broke key levels, according to Coinglass data.
Traders entering positions on recent strength were hit when support near $70,000 failed to hold earlier today, feeding a deleveraging feedback loop that pushed the price deeper into the $60,000 range.
Bitcoin Price Support Zones
BTC’s collapse comes after an initial retracement from levels above $90,000 just eight days ago. The Bitcoin price is now down nearly 35% over the past 12 months and about 50% below its October peak, according to Bitcoin Magazine Pro data.
Thursday’s dip saw the asset breach multiple support zones, with volatility rising as BTC’s structure turned decisively bearish. Indicators suggest that there are limited stops before the sub-$60,000s.
Crypto-related stocks were hammered on Thursday as Bitcoin’s sharp selloff spilled over into equity markets. Shares of major miners such as Riot Platforms and MARA Holdings plunged in double digits like bitcoin.
Crypto-exposed firms like Coinbase and Robinhood also fell by double digits. The broader market decline added pressure, and technology and other high-beta assets sold off alongside digital assets.
The iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF managed by BlackRock that lets investors gain exposure to Bitcoin without holding the crypto directly, just broke its daily volume record with about $10 billion worth of shares traded — even as the price fell 13%, marking the second-worst one-day drop since the fund’s launch.
Shares of Strategy ($MSTR) are down over 15% today, with earnings due later this evening. At the time of writing, bitcoin is trading just below $64,000.