The cryptocurrency market is experiencing a downturn with Bitcoin prices falling below $60,000. This decline coincides with a significant drop in Bitcoin supply from exchanges over the past two days. Data reveals a decrease in large transaction volume and daily active addresses, while liquidations have reached $150 million in the past 24 hours. Despite the bearish sentiment, some analysts remain optimistic about Bitcoin’s potential, predicting it could still push lower to a target range of $53,000 to $54,000.
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Leading cryptocurrencies, including Bitcoin and Ethereum, experienced declines on Monday, mirroring losses in blue-chip stock indices. Bitcoin dipped below $63,000 before stabilizing, while Ethereum fell below $2,700. The total cryptocurrency liquidations reached $107.46 million in the past 24 hours, indicating a shift in sentiment.
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