During the weekend when BlockDesk reported about Bitcoin discovering a new all-time high (ATH) at $61,00 amidst high volatility, the price of the number one crypto has plunged serially afterward.

Bears have taken over the market liquidating over $2.2 billion worth of long and short positions in the last 48 hours seeing Bitcoin price drop as low as $55,848. According to crypto analytic website, bybit, most of the liquidations took place on Binance, followed by Bybit and Huobi.

Although BTC price is said to be facing correction after its new ATH, the bear liquidation according to analysts has also contributed to BTC price going south after hitting a new ATH over the weekend.

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Bitcoin retract to $55,000

After the all-bullish weekend, the cryptocurrency failed to sustain its weekend movement upwards and has reversed its price trajectory since then. The price has corrected by 12.3 percent to $53,500 during Asian trading on Tuesday, March 16, before recovering slightly to trade at current prices of $55,488 according to CoinGecko at the time of press.

Bitcoin price chart following weekend surge to new ATH and the subsequent plunge. Photo Credit: CoinGecko

Looking back at the previous correction in February, BTC dropped by 26 percent while the one that followed Bitcoin’s first exploit into the forty thousand dollar zone in January was closer to 31 percent as the asset fell back below $30k.

Possibly, a repeat of a similar correction from BTC’s most recent $60,000 high could see price drop as low as $45k and $42k.

Major liquidations have happened over the past day or so as highly leveraged positions went pop on a number of major exchanges.

Altcoin setback after bears rule

After the weekend’s substantial gain, most altcoin similar to Bitcoin have faced setbacks but are now recovering at press time.

Ethereum reached a 3-week high of $1,940 yesterday but has dropped to about $1,700 now. Binance Coin (-5%), Polkadot (-3%), Uniswap (-9%), Litecoin (-5%), and Chainlink (-5%) are all deep in red as well.

Cardano (+1%), XRP (+6) DOGE(+1%), LUNA (+18%) are some altcoins that are recovering after facing setbacks since the weekend.

Crypto market overview after weekend price surge. Photo credit: Coin360

Further price fluctuations are evident from lower- and mid-cap altcoins. Pundi X has lost the most value since yesterday (20%) to $0.0033. BitTorrent (-13%), CRO (-13%), NEAR Protocol (-12%), Zilliqa (-11%), Bitcoin Gold (-11%), and BitcoinSV (-10%) follow.

Ultimately, the cumulative market cap of the crypto market which has surged previously has hit a rock again since the weekend. It hit a new peak at $1.850 trillion yesterday but has lost about $120 billion since then.