Bitcoin (CRYPTO:BTC) has experienced a significant drop of over 4% in the past 24 hours, sinking below $58,000 amid a bearish trend that started in June.

Despite briefly dipping below $57,000, the cryptocurrency has rebounded to around $57,700 at the time of reporting.

This sharp decline has triggered massive liquidations in the cryptocurrency derivatives market, totaling more than $294 million, with long contracts bearing the brunt, accounting for $257 million of the total.

The rapid price action has not only affected Bitcoin but has also dragged down many altcoins, reflecting widespread market turbulence.

Speculative activity remains high, indicating aggressive bets by traders trying to time the market bottom amid ongoing volatility.