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.

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.