Bitcoin, the largest digital asset, recently experienced a 5% decline in price over the last 24 hours, leading to panic selling within the crypto market. This drop resulted in an overall 4.27% decrease in the cumulative digital asset market during early Thursday trading hours. Consequently, a significant number of long bets were liquidated, negatively impacting investor confidence.

During the past seven days, Bitcoin's price plunged by more than 13%. Previously trading above $70,000, Bitcoin's price now hovers around $60,000. As of the current moment, the average trading price is $61,240, with 24-hour trading volume registering at $42.2 billion.

In the last 24 hours, long and short position liquidations totaled over $241 million. Notably, the largest liquidation order occurred on the OKX crypto exchange, involving the ETH-USD-SWAP pair valued at $5.40 million.

Analysis of data reveals that 75% of total liquidations, amounting to $244.43 million, resulted from long bets. Long position liquidations reached $184.10 million, while short bets contributed around $60 million to the overall liquidation figures.

This data implies that traders anticipated the ongoing market correction to subside soon, despite continual red indicators in the crypto market. The majority of future bets liquidations were observed on the Binance exchange, totaling more than $96.72 million.

Following this recent minor crash in the crypto market, the fear and greed index has transitioned from "Greed" to "Neutral" sentiment among traders and investors. The index fell from 80 points to 55 points, while Bitcoin's dominance decreased by 0.32% to 53.92%.

With Bitcoin's 16% decline from its all-time high of $73.6k on March 14, there is apprehension within the crypto community that the bull market phase might have concluded. Historical analysis suggests that price movements often defy popular trader expectations. The decline in FOMO (Fear of Missing Out) accompanied by rising FUD (Fear, Uncertainty, Doubt) indicates a potential scenario for cryptocurrency market recovery, possibly aligning with the upcoming halving event.