After trading in the $56-57k zone for a while, Bitcoin briefly surpassed $57.5k. Following that, the price dropped dramatically, dropping hundreds of dollars per hour. According to data from glassnode, long positions worth $112.4 million were liquidated in ten minutes. In the last four hours, $221 million has been liquidated, according to Coinglass. Bitcoin hasn't experienced such a massive liquidation since early September.