In the past 24 hours there has been a significant liquidation of Bitcoin which has led to a massive sell-off which has caused the price to fall below $50,000 and below the critical $60,000 mark.

Many traders and investors in the market have lost faith in Bitcoin as a result of this dramatic decline which amounts to an astounding $10,000decline in its value.A massive $1 billion liquidation in the cryptocurrency market was the main cause of this sell-off which had a cascading effect and significantly lowered Bitcoin prices.

The graph highlights the strong selling pressure that overpowered the market with a notable volume spike. Bitcoin is now in a risky situation and is testing the 100 EMA support level as a result of the abrupt price drop.

BTCUSDT Chart byTrading ViewProminent traders on Binance have demonstrated tenacity almost 70% of them are long Bitcoin placing bets on a future surge. The sharp fall and significant liquidation activity however suggest that overall market sentiment is still pessimistic.$ETH $BTC $BNB #BTCMarketPanic #RecessionOrDip? #MarketDownturn #Babylon_Mainnet_Launch #BinanceHODLerBANANA