Bitcoin's Price Drops Below $60,000, as Investors Liquidate Over $177 Million

Bitcoin saw a significant drop in price on June 24th, causing liquidations worth over $156 million for long positions and $21 million for short positions. Bitcoin's price fell to a low of just over $58,000 during the June 24th trading session before partially recovering above $60,000, still down 4.6% for the day. The Market Value to Realized Value ratio remained at negative, indicating that traders who purchased Bitcoin in the last 30 days were still experiencing losses. This persistent negative MVRV ratio suggests that Bitcoin is undervalued, as holders bought at prices higher than current market values, contributing to a bearish market sentiment.