🎢 Bitcoin's wild ride continues! After a scary dip to $58.4K, #BTC is back above $61K. 🚀

- The recent price drop was largely due to a cascade of long liquidations in the futures market, causing a whopping $360M in liquidations in just 24 hours. 😱

- Crypto veteran Willy Woo suggests the initial target for wiping off leverage was $62.5K, but eager traders kept adding to long positions, fueling more liquidations.

- Miners selling off BTC to pay for hardware upgrades was another key factor in the price drop.

But don't worry, folks! Woo predicts short-term technical factors point to a reversal, and that's exactly what we're seeing.

However, he warns that we're not out of the woods yet. It's crucial to monitor how much speculation got cleared out of the system.

So, what are your thoughts on the recent #Bitcoin rollercoaster? Let's chat in the comments! 👇 #CryptoNews #DeFi