Bitcoin (CRYPTO:BTC) has witnessed a significant downward trend, retreating quickly towards the $60,000 mark.
This movement was notably influenced by the introduction of new spot price exchange-traded funds (ETFs), which haven't met the market's expectations, leading to Bitcoin dropping to its lowest in two weeks around the time Wall Street opened on April 30.
The data, tracked by Cointelegraph Markets Pro and TradingView, highlighted a sharp decline in the BTC/USD pair post the Asia trading session, breaking below the $61,000 support level.
Furthermore, this bearish momentum sparked a spike in liquidations across the cryptocurrency market, with the total value reaching approximately $275 million within a 24-hour timeframe, as reported by the monitoring resource CoinGlass.
This rapid sell-off underscores the volatile nature of the crypto market, significantly impacted by market sentiments and regulatory updates.