The cryptocurrency market has experienced a notable correction, with Bitcoin's price falling below $63,000 and triggering a wave of liquidations totaling $161 million in the past 24 hours. The majority of these liquidations, approximately $153 million, were long positions, indicating a significant shift in market sentiment. Bitcoin has reached its monthly low of $62,270, a 15% decline from its all-time high on March 14.

This sudden downturn has resulted in nearly $48 million in Bitcoin long liquidations, highlighting the market's sensitivity to price movements. As investors scramble to adjust their positions, the broader crypto market is feeling the ripple effects of this correction. With Bitcoin's price struggling to regain momentum, market participants are growing increasingly cautious, leading to a surge in liquidations.

The current market volatility serves as a reminder of the inherent risks associated with investing in cryptocurrencies. As prices fluctuate rapidly, investors must remain vigilant and adapt their strategies to mitigate potential losses. With Bitcoin's price hovering at its monthly low, all eyes are on the market, waiting to see if it will recover or continue its downward trajectory.