Bitcoin Slumps Below $65,000 Triggering $358M in Liquidations as Altcoins Falter

The cryptocurrency market experienced a significant downturn as Bitcoin (BTC) breached the critical psychological support level of $65,000. The leading digital asset dropped to approximately $64,274, with technical indicators suggesting that a definitive market bottom has yet to be established. According to Coinglass data, the price volatility triggered the liquidation of 126,723 traders, totaling $358.17 million in losses over a 24-hour period. Major altcoins, including Ethereum (ETH), XRP, and Dogecoin (DOGE), failed to stage a meaningful recovery, reflecting broader market weakness. Analysts point to a prevailing sentiment of "extreme fear" which has discouraged buyers from entering the market despite the lower price levels. The cascade of liquidations for over-leveraged positions highlights the current fragility of the crypto market amid persistent selling pressure.