Bitcoin's price has taken a hit, dropping 3.34% in 24 hours to a one-month low of $56,709, after losing the key $60,000 support level. This has led to a 4.23% drop in the total market capitalization, now at $2.13 trillion. The crypto market has seen a 42% increase in total trading volume, indicating a sell-side intensity. Over $98.04 million worth of long Bitcoin positions have been liquidated in the past 24 hours. Despite the bearish trend, analysts remain optimistic about Bitcoin's potential recovery. Bitcoin's price has since rebounded above the 200-day EMA, currently at $58,256.