Crypto Market is Bleeding Again – Bitcoin Falls Below $59,000

The crypto market is experiencing serious selling pressure, leading to major price declines across the board.

Bitcoin (BTC) lost 6.5% of its value in just 24 hours and briefly dipped below $59,000. At the time of writing, the cryptocurrency managed to rise above the $59,000 level.

The 24-hour trading volume hit $36.6 billion as BTC’s market cap reached $1.17 billion.

Ethereum (ETH) also took a nosedive and is currently trading at $2,440 after losing 10% in the past 24 hours with $16.75 billion in trading volume.

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In the past 24 hours, $311.29 million were liquidated from the market with $281.59 million being long positions and $29.70 in shorts. Out of all these positions $100.08 million were in Ethereum and $93.74 million were in Bitcoin

The 1-day technical analysis from TradingView seems extremely bullish as the summary and moving averages show “strong sell” at 17 and 15, respectively, while oscillators remain “neutral” at 8.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.