📉 $BTC #Matrixport : Bitcoin drops sharply amid long liquidations—$59K in the spotlight for traders.

Bitcoin suddenly experienced a sharp sell-off this morning. With little bullish momentum following Monday's trading, traders who had bet on an uptrend after last week's dovish comments from the US Federal Reserve may have been liquidated.

The lack of any significant news to trigger today's correction suggests that long liquidations in a low-liquidity environment might be the primary cause of the drop.

Chart analysts could grow concerned if Bitcoin falls below the critical $59,000 level.