The crypto market remains tense as Bitcoin teeters on the edge below $59k, causing concern among crypto enthusiasts.

Crypto Market at a Crossroads

The total crypto market cap has slipped around 2 percent in the past 24 hours to $2.21 trillion. Around $200 million has been liquidated across the crypto-leveraged market during this period, mainly affecting long traders.

Crypto Whales Flee the Market

According to data analysis, major investors have ramped up profit-taking, dampening market optimism. Bitcoin whales have sold over 30k BTC in the past three days, worth approximately $2 billion. U.S. spot Bitcoin ETFs have recorded a net outflow of over $109 million.

Brace for More Volatility

The leverage trading in the crypto market reached a yearly high, indicating an increase in speculative bets. Analyst Ali Martinez anticipates greater volatility soon. Veteran trader Peter Brandt also suggests a further Bitcoin price drop, despite the Fed's rate cut and recent gold rally.

The crypto market faces uncertainty, and investors must be prepared for potential changes. While volatility looms, there remains hope for recovery.