Bitcoin had a rough start this week and is now trading below $60,000. Since the beginning of November, 24-hour liquidations have reached $600 million.
Bitcoin has dropped through the strong $60,000 support with the opening of a new hourly candle. After going through the support, it also immediately lost another $900 of its value, totaling a 7.3% daily loss.
At press time, Bitcoin is continuously testing the $59,000 support while hitting a new daily low of $58,368. Previously, traders were cautious about Bitcoin breaking the previously untouchable support of $60,000.
Highly leveraged positions have already been liquidated from the market totaling approximately $600 million in losses for bulls.
Altcoins like Ethereum, Cardano and Doge are losing 10% on average while reaching new local lows.