Crypto Market Plunges as Bitcoin, Ethereum Drop Over 4%

The cryptocurrency market has experienced a broad decline, with major coins like Bitcoin and Ethereum dropping over 4% in recent trading. Other notable coins such as Dogecoin and Cardano also saw significant losses, falling more than 5%. This downturn reflects ongoing market volatility and investor caution, with traders urged to monitor further developments.

Bitcoin's price has dropped to around $59,000 after losing the key 78.6% Fibonacci retracement level near $64,270. The current $59,000-$60,000 zone is seen as a critical support level, with traders warning that a deeper selloff could occur if this support is broken.

The decline in Bitcoin has triggered $237 million in long liquidations amid the market sell-off. This follows a downward trend that has seen Bitcoin lose over 30% since the start of the year.