Bitcoin Falls Below $60,000 – Market Correction Not Over

Bitcoin (BTC), like most of the cryptocurrency market, saw a price correction today.

Amid fears of a sell-off by users of the failed crypto exchange Mt. Gox, who soon start receiving their benefits, the panic in the market is palpable. The German government’s wallet, which holds over $2.6 billion in crypto, appears to have begun to transfer its tokens, adding to the bearish outlook.

Bitcoin it briefly fell below $60,000, but at the time of writing it recovered to the price of $60,350 with a 4.2% drop in the last 24 hours and a trading volume of $25.7 billion. BTC’s market cap now stands at $1.18 trillion.

TradingView’s 14-day technical analysis shows an extremely pessimistic picture – the summary points to “sell” with 12 signals, the moving averages show “strong sell” with 2 signals and the oscillators with XNUMX signals.