The bears are showing no mercy. The cryptocurrency market has retraced in the last hour, resulting in over $100 million in liquidations and erasing most of today’s earlier gains.
## Bitcoin’s Price Tanks to $59K
As reported earlier today, the BTC price reached a six-day high this morning, surpassing $61K. This raised hopes that the bulls might be regaining control, but this does not seem to be the case. As seen in the chart below, it took the sellers a few hours to regroup and create two aggressive red candles, pushing the price back to around $59K, which was its position before today’s rally.
The move triggered many liquidated leveraged positions. Approximately $130M was wiped out in the past 24 hours, nearly half of it in the past two hours.
## Broader Crypto Market Declines Too
The abrupt crash wasn’t limited to BTC. The entire market is in the red for the past hour, with most cryptocurrencies trading close to breakeven for the day.
