Bitcoin Price Faces $33K Support After $1.2B Selloff
- Bitcoin Price lost $60000 amid $1.2 billion Binance selling.
- Analyst highlights $33000 as a major long-term support level.
- Heavy sell orders intensified volatility after key support failed.
Bitcoin Price came under intense pressure after losing the critical $60,000 level during a wave of heavy selling on Binance. More than $470 million in sell orders hit the exchange within one minute, while hourly selling volume exceeded $1.2 billion. The latest move has renewed focus on long-term support levels as traders assess whether the decline represents capitulation or the continuation of a broader correction.
Bitcoin Price Tests Key Levels as Analysts Watch $33000
Analyst More Crypto Online highlighted a major long-term support trendline on the weekly linear chart. According to the analysis, the blue support line currently sits near $33,000, forming part of a broader support corridor that could become relevant if the bear market extends.
The analyst noted that Bitcoin does not necessarily need to revisit this level. However, it remains an important technical zone based on historical price structure. Long-term trendlines often attract attention because they have previously influenced major market reversals.
Meanwhile, the Bitcoin Price continues trading below the psychological $60,000 mark after another sharp rejection. The breakdown accelerated once liquidity around that level disappeared, triggering rapid execution of large sell orders.
Bitcoin Price Volatility Grows as Binance Handles Record Flow
The latest decline demonstrated how quickly market conditions can change when major support levels fail. CryptoQuant data show Binance processed more than $470 million in sell orders within a single minute, with total hourly selling climbing above $1.2 billion.
Source: CryptoQuant
At one stage, the Bitcoin Price traded near $59,458 after breaking below support. The move sparked debate over whether the market has entered capitulation or remains within a longer corrective phase.
Despite the heavy selling, Binance successfully handled the surge in trading activity without major disruption. Market participants are now monitoring whether buyers can stabilize the Bitcoin Price above current levels or whether downside pressure continues toward lower technical support zones.
Technical traders remain focused on liquidity, macro sentiment, and key trendlines. The $33,000 support corridor remains a long-term reference point, while the $60,000 region has shifted into a critical resistance area after the recent breakdown.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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