Bitcoin Extends Selloff as Macro Pressures and Leverage Unwind

In brief

• Bitcoin accounted for more than 40% of roughly $650 million in crypto liquidations over the past 24 hours, highlighting stress across derivatives markets.
• Some analysts say long-term holders are trimming positions as Bitcoin underperforms traditional inflation hedges such as gold.
• Market participants see scope for further downside, with several pointing to a potential test of the $60,000 level if the corrective phase continues.