Bitcoin Drops Below $60,000, Triggering Market Uncertainty

Concerns over ETF liquidations and Mt. Gox repayments contribute to volatile trading environment.

Bitcoin's price fell below $60,000, causing over $8 million in long contracts to be liquidated.
Institutional inflows into Bitcoin ETFs have slowed, with recent outflows adding to market pressure.
The anticipated distribution of Bitcoin from the defunct Mt. Gox exchange is creating additional selling pressure.
Other major cryptocurrencies, including Ethereum and Solana, also experienced significant declines.
Market analysts are watching key support levels and potential catalysts for future price movements.