On March 15, the Bitcoin markets resoundingly rejected the $60,000 price range, with a staggering $500 million in long liquidations taking place in just 60 minutes. Bitcoin has fallen 12.3 percent from its high of $61,000 on March 14 to $53,500 during Asian trading on Tuesday, March 16. This new retracement is the current bull cycle's third big retracement. Last week, the Bitcoin Fear and Greed Index indicated that the markets were in a state of "serious greed."