Bitcoin Nears $60,000 Again as Short Liquidations Surge

Bitcoin’s earlier drop below $60,000 triggered a flight from risk and a washout of leveraged positions. Its renewed push toward the key round-number threshold reflects the return of dip buyers. Liquidation data from CoinGlass and Alternative.me’s Crypto Fear & Greed Index show the pressure on derivatives positions and the state of investor sentiment, respectively.

In the 24 hours before the latest reports, Bitcoin briefly reclaimed nearly $61,000, while Solana (SOL) rose to a 14-day high. About 80,000 traders were liquidated across the market, with the total value rising from more than $300 million to about $450 million and short positions accounting for the bulk of the losses. The Crypto Fear & Greed Index, however, recovered only from 15 to 19 and remained in “extreme fear” territory.