Bitcoin experienced a significant downward price movement resulting in over $78 million in liquidations within the last 24 hours. This marks another round of substantial liquidations for the cryptocurrency market.
Despite the recent downturn, market analysts are optimistic about a potential relief rally. They predict that Bitcoin's price might bounce back up to $61,000. This anticipated relief rally could provide some much-needed respite for investors affected by the liquidations.
The cryptocurrency market remains volatile, and Bitcoin's price action continues to be a focal point for traders and investors. The potential rally could stabilize sentiments and bring positive momentum back to the market.
