Bitcoin (BTC) price has breached below $60,000 at press time on Friday, recording a 20% crash so far this week. Institutional selling and weak derivatives weigh on Bitcoin’s pullback, deepening downside risks as buyers lose the critical $60,000 support band. Market momentum is extremely bearish, with the path of least resistance targeting the next key support at $53,485.

Crypto market bleeds over $1.70 billion

Bitcoin’s slip below $60,000 has wiped out $1.70 billion in total liquidation over the last 24 hours, led by $1.42 billion in long liquidations, pointing to a clear sell-side market-wide dominance. Weak signals like the downward spiral in Bitcoin futures Open Interest (OI), as previously reported by FXStreet, which is now down to…