Cryptocurrency Market Sees Sharp Decline with Bitcoin Below $60,000

The cryptocurrency market experienced a sell-off on Wednesday, with Bitcoin dropping below $60,000 before recovering slightly. The price of Bitcoin currently stands at $56,064, according to Coinglass data. Ethereum, XRP, and Dogecoin also saw losses of around 3% each.

Coinglass reports that a total of 107,733 traders were liquidated in the past 24 hours, resulting in losses of $433.38 million. Additionally, SoSoValue data shows net outflows of $113.8 million from spot Bitcoin ETFs and $82.4 million from spot Ethereum ETFs on Tuesday.

CryptoQuant CEO's criticism of Michael Saylor's buying spree is gaining traction, with some analysts warning that the current support level of $59,000 could be breached if not restored. Meanwhile, Nic Puckrin warns that Bitcoin has lost a major technical support zone after falling below its 200-week SMA and nearing the $60,000 level.