Bitcoin fell sharply from $65,103 to $61,455 on Tuesday, later recovering slightly to $59,000. This drop led to $20.28 million in Bitcoin long liquidations and $40.29 million in Ether long liquidations, showcasing the crypto market's volatility and surprising traders who anticipated a rise.

Crypto analyst Crypto Tony closed his Bitcoin position after it dropped below $62,000, predicting a potential fall to $52,000 due to ongoing market corrections. Economic uncertainty, with JPMorgan increasing the likelihood of a US recession to 35%, and geopolitical tensions, including new trade tariffs on China and rising oil prices, are contributing to market instability.

Additionally, a significant transfer of 30,000 Bitcoin ($1.88 billion) into Binance spooked traders, though it was later clarified as an internal move. Glassnode reported a slowdown in Bitcoin capital inflows, leading to a stable range between $50,000 and $60,000. Traders should remain vigilant amid these market fluctuations.