Bitcoin (BTC) has experienced a significant drop to $56,555, marking its lowest level in 2 months and causing distress in the global crypto market. This recent decline has seen BTC retreat by 23% from its all-time high of $73,750 in March, halting its momentum within the $62K-$66K range.
In the last 24 hours, the market has witnessed over $511.23 million in crypto liquidations, with BTC and Ether (ETH) accounting for a significant portion. Specifically, traders liquidated over $170.8 million worth of BTC and $135.2 million worth of ETH. Data from Coinglass reveals that in just the past hour, over $50 million worth of BTC were offloaded.
At the time of writing, the price of BTC sits at $56,981, reflecting an 8.61% decrease in the last 24 hours. Its market cap has also decreased from $1.25 trillion to $1.12 trillion, with the cryptocurrency currently residing in the oversold zone based on its relative strength index (RSI) reading of 24.78.
Analysts suggest that this price drop could indicate the beginning of a bearish phase, with Michaël van de Poppe emphasizing the potential for further downside movement in BTC charts. According to his analysis, BTC prices may fluctuate within the $56K-$58K range if the correction persists.
Additionally, Ethereum (ETH) has also dropped by 9% to $2,844, with several altcoins recording double-digit losses over the past 24 hours. Key altcoins like SOL, TON, and Bitcoin Cash have seen notable declines, while memecoins such as PEPE, SHIB, DOGE, FLOKI, and BONK have also experienced significant drops in value.
