Bitcoin (BTC) experienced a significant price drop from $61,000 to $59,000 after gaining 4% in upside momentum during Asian trading hours.
The sudden fall has led to the liquidation of $9.92 million worth of long positions out of a total of $10.20 million, as per on-chain analytics firm CoinGlass.
This unexpected move has prompted analysts and traders to delve into the possible reasons behind the dramatic price change.
