Bitcoin on Coinbase has fallen below $58K, for the first time in 2 months

Bitcoin prices briefly dipped on Coinbase on July 4, after the asset fell below $58,000 in more than two months.

Bitcoin (BTC) price action has come out to trade at $58,964 since press time, but is still down 3.4% on the week, according to TradingView data.

Bitcoin's decline comes as millions of dollars worth of leveraged long positions are liquidated, as traders hope to take advantage of Bitcoin's price.

According to data from CoinGlass, more than $54.9 million was released in Bitcoin long positions in the last 24 hours.

Likewise, traders looking to gain long-term exposure to ETH ahead of the launch of several spot ETFs — which are expected to go live in mid-July — also liquidated their positions.

A total of $57.9 million in ETH long positions were liquidated in the last 24 hours.

Related: 3 Reasons Bitcoin Analysts Think BTC Price Is In ‘Cyclical High'

Much of the blame for the broad rebound in Bitcoin's price lies with the collapse of Japanese crypto exchange Mt. Gox, which is scheduled to start paying out roughly $8.5 billion worth of BTC to creditors from scratch. July.

However, some analysts believe that the payout may not be as severe for Bitcoin as many believe.

Other majors and altcoins also sold well during Bitcoin's rapid dip below $58,000. Ether (ETH) is currently down 4.5% on the day, briefly dipping to $3,145 in a massive sell-off that occurred at 2 am UTC on July 4th.

Binance Coin (BNB) fell 6% on the day, dropping from $573 to $539 at the time of publication.

Solana ( SOL ) also pared most of its recent gains, falling 10.3% in the past 24 hours, down from a weekly high of $154 to $136 at press time.

Meanwhile, mentions of “buy deep” have surged on social media over the past two days, with usage of the term doubling on Reddit, X and 4chan over the same time frame.

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