Strong bearish sentiment enveloped the cryptocurrency market as Bitcoin and altcoins suffered losses throughout the day.
Bitcoin recently lost the crucial support level of $60,000 and reached a low of $59,979 on Binance.
Over the past 24 hours, positions worth $145.72 million were liquidated from the Bitcoin market ($134.11 million in longs and $11.61 million in shorts).
The daily technical analysis paints a grim picture of the cryptocurrency market – the indicators and oscillators show “sell” signals with 15 and 3 respectively, while moving averages point to a “strong sell” with 12.
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When Mt.Gox began paying out $900 million in cryptocurrencies, everything became very clear.
At the time of writing this article, Bitcoin is trading at around $59,900, marking a 6.25% decline over the past 24 hours, with a trading volume of $33.6 billion.
In just the past week, the flagship cryptocurrency has dropped by 9% to a market capitalization of $1.184 trillion.
