Bearish sentiments thicken as Bitcoin dropped to $56.9k

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TL;DR Breakdown: Bitcoin traders are now at their most bearish level, following the decline in BTC to $56.9k. The entire market is down by over 2%, without liquidation reaching $223 million within the last 24 hours. Since November 18, the largest cryptocurrency has been trading below $60,000. But earlier today, the price of Bitcoin (BTC) … Read more

TL;DR Breakdown:

  • Bitcoin traders are now at their most bearish level, following the decline in BTC to $56.9k.
  • The entire market is down by over 2%, without liquidation reaching $223 million within the last 24 hours.

Since November 18, the largest cryptocurrency has been trading below $60,000. But earlier today, the price of Bitcoin (BTC) reached the $60k level; however, it faced a hard resistance and failed to be maintained the level. 

As seen on the chart above, Bitcoin touched $60,029 on the Binance market some hours ago. Thereafter, it began crashing again, down below $56,900. It can be said that the $60k price level has somewhat become resistance for traders to mind. Meanwhile, this dip seems to have soiled traders’ sentiments for the week. 

Bitcoin sentiments turn bearish

Santiment, a crypto on-chain and social metrics platform, revealed that the decline in BTC down to $56.9k has turned traders’ perception of the crypto for the week back into the negative territory. The social metric from Santiment reveals that traders are at their most bearish level in seven weeks.

Cryptos kick off the week in dip

At the time of writing, BTC was trading at $57,260, with a total market capitalization of $1.08 trillion. It is worth noting that BTC is not the only cryptocurrency on the 24hrs red list. 

The overall crypto market is currently down by 2.38% to $2.58 trillion within the last 24 hours. Ether (ETH), Binance Coin (BNB), Cardano (ADA), Ripple (XRP), and Polkadot (DOT) were all down by at least 2% in the 24hrs timeframe. At the time, Solana (SOL) was trading at $217, a 2.14% increase. 

Also, these price actions led to the liquidation of crypto positions in the derivatives market worth more than $223 million, according to the data by Bybt. The total open interest in the futures markets for the aforementioned coins are in the negative territory, except Solana, which sees a 2.4% increase (24hrs). 

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