Bitcoin Plunges Below $60,000 for Second Time This Month

Bitcoin's price has once again fallen below $60,000, triggering over $850 million in liquidations and sending shockwaves through the crypto market. This marks the second time this month that Bitcoin's price has dipped below $60,000, with the cryptocurrency currently trading around $59,500.

The decline in Bitcoin's price has also had a significant impact on other cryptocurrencies, with Ethereum falling below $1,600 and Solana slipping under $65. The total value of the crypto market has declined to approximately $2.1 trillion, leaving it down about 3.6% on the day.

Crypto analyst Daan Crypto Trades noted that Bitcoin's price has reached its 78.6% Fibonacci retracement level from the previous rebound, a key area for bulls to defend before a possible break below $60,000.