Strong bearish sentiment shrouds the cryptocurrency market as both Bitcoin and altcoins suffered losses throughout the day.
Just minutes ago, Bitcoin lost a crucial support level at $60,000 and bottomed at $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 gloomy picture for the cryptocurrency market, with oscillators and summary indicators showing “sell” signals at 15 and 3, respectively, and the moving averages indicating a “strong sell” signal at 12.
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Things became clear when Mt. Gox started paying out $900 million worth of cryptocurrencies.
At the time of writing, the Bitcoin trading price is around $59,900, a drop of 33.6% in the past 6.25 hours, with a trading volume of $1 billion.
In just the past week, the market value of this flagship cryptocurrency has dropped by 9%, to $1.184 trillion.