Bitcoin (CRYPTO:BTC) experienced a significant price crash, dropping to $58,400 before rebounding above $61,000.
This volatility led to $360 million in liquidations, predominantly in long positions.
Analyst Willy Woo attributes the crash to a long liquidation cascade and a miners' capitulation due to post-halving hardware upgrades.
Woo suggests that while BTC has recovered, it's crucial to clear out leveraged positions for a sustained upward movement.
Data shows that less than 3% of BTC's open interest has been liquidated, indicating more market adjustments may be needed.