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With a large number of long positions being liquidated, selling pressure grew, resulting in a further price decline. This, in turn, sparked additional liquidations, resulting in a spiral that dropped Bitcoin's value below the $60,000 level.had slightly recovered, trading 0.85% higher in the last 24 hours to around $62,700 as buyers rushed to buy the dip. As reported by crypto analyst Ali, over 27,700 BTC, worth around $1.
With the leverage on the crypto market flushed out with the latest sell-off, the long-term outlook for Bitcoin remains largely bullish, according to certain market participants.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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