Bitcoin price broke through the important support level of $60,000 and fell directly to around $57,000. This sharp drop made the market begin to question whether it fell into a "bull trap".

As of today, Bitcoin is trading around $58,800, having hit a low of $57,800 earlier.

The decline caused Bitcoin to fall 3.7% in just 24 hours and shrunk 3.6% in a week. At the same time, most altcoins also showed a trend of falling across the board, and the decline was quite strong.

Ethereum followed closely behind, falling 4.4%; Solana suffered a heavy blow, falling as much as 9.3%; BNB's performance was also weak, falling 5.4%. Today's market performance is indeed disappointing.

To make matters worse, a large-scale liquidation wave has begun to appear in the market.

According to Coinglass statistics, the total amount of liquidations has exceeded $262 million, most of which are long positions, up to $233 million.

Even the highly anticipated meme coin is not immune.

Shiba Inu (SHIB) fell about 6% on the day and 8% in a week.

Other meme coins followed suit, with WIF down 10%, FLOKI down 11%, MEW down 13%, and POPCAT down 17%... Such market performance is indeed worrying.

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