Bitcoin has had a rough start this week. The coin has dropped below $60,000 after suffering a sharp drop. BTC was trading at $60,400 at the time of writing. Since the beginning of November, 24-hour liquidations have reached $600 million.
Bitcoin lost strong support at $60,000 with the opening of a new hourly candle. After breaking through support, it instantly lost another $900, totaling 7.3% daily losses.
About an hour ago, Bitcoin tested the $59,000 support and hit a new daily low of $58,368. Highly leveraged positions have already been liquidated from the market and the bulls have suffered losses of around $600 million.
Altcoins like Ethereum, Cardano, and Dogecoin lost 10% on average as they hit new local lows.