Bitcoin bounces back after brief dip below $60K: What’s next?

, the cryptocurrency with the largest market capitalization, briefly dropped below $60,000 on the 24th of June. This was the first time the coin hit such levels since the 3rd of May.

But that did not happen as the value changed hands at $61,107 at press time. Before Bitcoin’s price fell to $58,890, traders in the derivatives market had expected the move.Reason being that the coin experienced heavy sell-offs from the German Government on the 19th of June.This development sent shockwaves down the spine of market participants with many suggesting weaker conditions for BTC.Historically, when social volume and dominance of bottom calls spike, it leads to a significant rebound.

Should that happen, many short positions in the market could be liquidated. To the downside, another cluster of liquidity existed at $58,150. This means that if selling pressure increases, Bitcoin could fall below $60,000 again.$152.71 million, according to data from Coinglass. Liquidation occurs when a trader can no longer fulfill the margin requirements to keep a position open.

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