Bitcoin Falls Below $60,000 – Market Correction Not Over

Bitcoin (BTC), like most of the cryptocurrency market, saw a price correction today.

Amid fears of a sell-off by users of the failed crypto exchange Mt. Gox , who soon start receiving their benefits, the panic in the market is palpable. The German government's wallet, which holds over $2.6 billion in crypto, appears to have begun to transfer  its tokens, adding to the bearish outlook.

Bitcoin it briefly fell below $60,000, but at the time of writing it recovered to the price of $60,350 with a 4.2% drop in the last 24 hours and a trading volume of $25.7 billion. BTC's market cap now stands at $1.18 trillion.

TradingView's 14-day technical analysis shows an extremely pessimistic picture – the summary points to “sell” with 12 signals, the moving averages show “strong sell” with 2 signals and the oscillators with XNUMX signals.

Ethereum also saw a significant drop of 4.4% in the last 12.65 hours with a trading volume of $3,295 billion and is trading at $XNUMX.

The market's total market capitalization fell 3.78% to $2.23 trillion.

For the last 24 hours $163.79 million was liquidated from the cryptocurrency market ($142.23 million in longs and $21.56 million in shorts)

The biggest loser was Bittsensor, which fell 13.6 to $235 after the message for a recent hack.