Bitcoin broke out of its sideways trading pattern, but not in a positive way for investors. The cryptocurrency dropped below $29,000, reaching its lowest price in a month and a half, resulting in almost $100 million in liquidations. This volatility has negatively impacted over-leveraged traders, with long positions being responsible for the majority of the liquidations. Altcoins, including Dogecoin, Solana, Litecoin, Bitcoin Cash, Avalanche, Polygon, and Stellar, have also suffered declines of 3-5% in a day.