The bears appear to be having none of it. The cryptocurrency market has retraced in the last hour, triggering over $100 million in liquidations and erasing most of the gains from earlier today.

Bitcoin’s Price Tanks to $59K

As CryptoPotato reported earlier today, the BTC price charted a six-day high in the morning, tapping above $61K. This sparked hopes that the bulls may be regaining their ground, but it appears that this is not the case.

As seen in the chart below, it took the sellers a few hours but they regrouped and managed to invoke two subsequent aggressive red candles, pushing the price toward $59K – pretty much where it was before today’s rally.

The move triggered many liquidated leveraged positions. Approximately $130M was wiped out in the past 24 hours, almost half of it in the past two hours.

Broader Crypto Market Declines Too

The abrupt crash wasn’t limited to BTC. The entirety of the market is in the red for the past hour, with most of the cryptocurrencies trading close to breakeven for the day.

It remains to be seen what the reason for the sudden move was, as there are no obvious causes at the time of this writing.

As we reported earlier, spot Bitcoin exchange-traded funds saw their lowest trading volume in six months, signaling a lack of appetite for the product.