Bitcoin's value has taken a drastic turn, plummeting from $65,300 to $60,317 in just one day. This sudden and unexpected drop has sparked a frenzy of liquidations, totaling a staggering $132.58 million in long positions.

The cryptocurrency market is experiencing extreme fluctuations, leaving investors reeling. After reaching dizzying heights of almost $63,500 on May 10th, Bitcoin took a sharp nosedive of over $2,000 in just a few hours. This rapid downturn has left investors shaken, raising concerns and leading to the liquidation of approximately $132.58 million worth of long positions.

The sudden and unexpected nature of this drop has raised concerns about Bitcoin's continued correction, especially since it has struggled to maintain its upward momentum since reaching highs in March 2023. Currently, Bitcoin finds support around the $60,600 mark. At the time of writing, Bitcoin traded at $60,685 with a daily trading volume of $24 billion.

If Bitcoin manages to recover and break above $62,000, there's hope for a rebound, with potential targets including $68,000 and even $72,000. However, if it fails to recover above $62,000, it would lead to further decline, posing support at $58,200, which will trigger more losses to $56,500. The recent turbulence serves as a stark reminder of the inherent unpredictability in the crypto market.

Bitcoin's dramatic swing has left investors on edge, wondering what's next for the cryptocurrency. Will it bounce back or continue its downward spiral? Only time will tell. One thing is certain - the cryptocurrency market is full of surprises, and investors must be prepared for the unexpected.