Bitcoin falls below $60,000, long position liquidation hits a one-month high

Bitcoin fell below $60,000 as traders closed their positions at a one-month high.
Bitcoin fell 5% to $58,975 as of 10:44 a.m. London time, hitting a nearly two-week intraday low. Ethereum fell about 5%, and smaller cryptocurrencies were hit, with Dash and EOS falling more than 10%.
Analysts say speculators are cutting their positions after the launch of the first U.S. bitcoin exchange-traded fund (ETF) sparked investor enthusiasm and pushed prices to record highs. According to Bybt.com data, the total liquidation of cryptocurrency long positions on Wednesday exceeded $700 million, the highest level since September 20.

“The market has been broadly long for a few weeks, so positioning is skewed,” said Jonathan Cheesman, head of over-the-counter and institutional sales at cryptocurrency derivatives exchange FTX.
Bitcoin also fell below its 20-day moving average, a technical move that could trigger more selling.
Source: Sina.com