On July 4, Bitcoin (BTC) price continued its correction, falling 3.34% in the last 24 hours and 5.82% in the last week. Bitcoin fell to a one-month low of $56,709, losing the main support provided by the psychological $60,000 level, according to data from Cointelegraph Markets Pro and TradingView.

On the other hand, the total market capitalization fell 4.23% in the last 24 hours to $2.13 trillion at the time of publication. The 42% increase in total transaction volume shows the intensity of selling in the crypto market.

Bitcoin's drop below $57,000 on June 4 led to massive liquidations in the crypto market. According to Coinglass data, in the last 24 hours, there have been $22.6 million worth of short liquidations against long Bitcoin positions.

Despite this, there is a bearish trend in the entire crypto sector, led by Bitcoin, but analysts are still optimistic about BTC's potential recovery to higher levels.

At the time of publication, Bitcoin price has broken above the 200-day EMA and is currently at $58,256.

Rekt Capital noted that Bitcoin's current 22% correction lasted approximately 45 days and is an "above-average correction."

On the other hand, CoinGlass data shows that $57,615 is a significant area of ​​12-hour bid liquidity just below the spot price, with buy orders of approximately $24.61 million.

This area could provide the demand pressure needed to pull Bitcoin out of its prolonged downtrend. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.#Bitcoin#CryptoMarket