The cryptocurrency market has started the week on a somber note, with Bitcoin's price plummeting to a multi-week low of under $62,500. This sudden drop has resulted in the liquidation of over 60,000 traders, amounting to a staggering $130 million in daily liquidations. Despite this significant decline, Bitcoin still trades nearly 3% down on the day and 6% in the past week. The altcoins are also experiencing a similar downturn, with meme coins like FLOKI, WIF, BRETT, PEPE, and BONK facing significant losses. The total crypto market cap has decreased by over $60 billion, with larger-cap alts like ETH, BNB, DOGE, TON, and ADA losing around 4% of their value.

Last week's events didn't bode well for Bitcoin, as it faced massive outflows from spot ETFs. The cryptocurrency's weekly high was briefly above $67,000 on Tuesday, but the bears took control, pushing it sout. This culminated in a price drop to $63,500 on Friday, with the weekend being relatively calm as BTC stood at just over $64,000. However, the Monday morning Asian trading session brought another significant price decline, with BTC losing roughly $2,000 and falling below $62,500 for the first time since May 15.

The current situation has left many wondering what's next for Bitcoin and the cryptocurrency market as a whole. Some traders expect Bitcoin to reach the $55,000 level, while others believe it will recover and trade in a range between $60,000 and $70,000 through the next few months. The dovish Fed meeting results and the soft U.S. jobs data have led some to believe that the worst of the drawdown might be over, and a slow grind higher is expected. However, the cryptocurrency market is known for its volatility, and only time will tell what the future holds.

The liquidations on a daily scale may be relatively low, but the total amount of wrecked traders has risen to over 60,000. CoinGlass data shows that daily liquidations stand at $135 million, with 64,463 traders being wrecked within the same timeframe. This highlights the risks involved in the cryptocurrency market, where prices can fluctuate rapidly and significantly.

The cryptocurrency market is experiencing a significant downturn, with Bitcoin's price plummeting to a multi-week low. The liquidation of over 60,000 traders and the decrease in the total crypto market cap by over $60 billion are clear indicators of the market's volatility. While some traders expect Bitcoin to reach the $55,000 level, others believe it will recover and trade in a range between $60,000 and $70,000 through the next few months. As the market continues to evolve, it's essential to stay informed and adapt to changing conditions.

The cryptocurrency market's unpredictability is a reminder of the risks involved in investing in digital assets. The sudden drop in Bitcoin's price and the liquidation of over 60,000 traders serve as a warning to investors to be cautious and prepared for any eventuality. As the market continues to fluctuate, it's crucial to stay up-to-date with the latest developments and trends to make informed decisions. Whether Bitcoin will recover and reach new heights or continue to decline remains to be seen, but one thing is certain – the cryptocurrency market will continue to be a topic of interest and discussion for many in the days to come.