Bitcoin Plunges Below $79,000 as $650 Million in Liquidations Hits Market in One Hour

• Bitcoin dropped below $79,000 on Saturday, marking its lowest price level of 2026 so far.
• The market saw $650 million in liquidations within a single 60-minute window, primarily targeting overleveraged long positions.
• This latest crash follows a volatile week where macroeconomic pressures and tech sector weakness weighed on digital assets.
• Analysts are now closely watching the $75,000 support zone to determine if the bearish trend will intensify.

Bitcoin’s price plummeted on Saturday, breaking through the critical $79,000 support level and sparking a massive wave of forced liquidations across major exchanges. According to data from CoinGlass, the market witnessed $650 million wiped out in just 60 minutes, as the sudden downward move caught leveraged traders off guard. This event marks the most significant leveraged flush seen in the crypto market since late 2025.

The breakdown follows a week of mounting tension in the global financial markets. On Thursday, Bitcoin had already retreated to the $84,000 range following weak earnings reports from major tech firms like Microsoft, which triggered a broader selloff in risk assets. The inability of bulls to defend the $80,000 psychological barrier today led to an accelerated decline as stop-loss orders and automated liquidation engines were triggered in rapid succession.

“The market is experiencing a classic long squeeze,” said a market analyst at The Block. “When Bitcoin slices through high-volume support areas like $80,000, the resulting cascading liquidations create a feedback loop that drives price impact far faster than spot selling alone could achieve.”

The broader digital asset market has followed Bitcoin’s lead, with Ether (ETH) and Solana (SOL) experiencing mid-single-digit percentage losses. Sentiment has shifted sharply toward caution as traders reassess the impact of persistent inflation data and the ongoing correlation between crypto assets and the Nasdaq. Market participants are now focused on the $75,000 level, which many consider to be the next major technical floor.

As of press time, Bitcoin continues to trade with high volatility, and on-chain signals suggest that some whales are moving assets to exchanges, potentially indicating further selling pressure. Investors are advised to monitor spot ETF inflow data, which has served as a primary liquidity driver for Bitcoin throughout this year.

Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.