#Bitcoin falls below $58K first time in 2 months

On July 4, the price of Bitcoin briefly dipped to $57,874 on Coinbase, marking the first time it has fallen below $58,000 in over two months. Amid a broader sell-off in the cryptocurrency market, Bitcoin long positions worth $54.9 million have been liquidated in the past 24 hours.

After the dip, Bitcoin's price stabilized and was trading at $58,964 at the time of writing, though it remains down 3.4% for the week, according to TradingView data. This drop reflects the impact of the significant liquidations, which have negatively affected traders betting on a Bitcoin price increase.