Beware! It's a Trap ⛔️

💲 Bitcoin (BTC) experienced a drastic plunge on Tuesday, tumbling over 10% from its recent peak. While it surged to $69,200 earlier in the day, significant sell-offs on crypto exchanges drove its value below $60,000 momentarily.

💲 The sell-off was instigated by substantial sell orders observed on exchanges like Binance, where over 300 BTC valued at approximately $20 million were set to be traded at $69,000, alongside more than 500 BTC up for sale at $70,000. This influx of selling pressure erected a formidable barrier for Bitcoin's price, precipitating a swift downturn.

💲 The CoinDesk Bitcoin Index (XBX) briefly touched an all-time high of $69,208 before plummeting over $1,000 within a single minute. This sell-off unfolded in successive waves, causing Bitcoin to dip below $65,000 and hit a low of $59,700, before rebounding to $62,800 at the time of writing.

💲 Bitcoin's retracement resulted in its underperformance compared to other cryptocurrencies such as Ethereum (ETH) and Solana (SOL). Altcoins like Cardano (ADA), Dogecoin (DOGE), and Shiba Inu (SHIB) also suffered losses ranging from 10% to 12%.

💲 The sharp market movement triggered substantial liquidations, erasing over $1.1 billion worth of derivative trading positions across digital assets in the past 24 hours. The majority of these liquidated positions were long positions, predicated on upward price movements.

💲 The events of Tuesday harkened back to similar price fluctuations witnessed around Thanksgiving 2020, underscoring the inherent volatility of the cryptocurrency market and the susceptibility to sudden reversals in price trends.

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