Powering its way back to $60K in the pre-dawn hours, bitcoin (BTC-USD) dropped from about $59.4K to $57K in a five-minute span.As is usual, leverage is being blame for the move, and bulls believe now that a sizable group of those maybe less-than-wholesome longs have been liquidated, the stage is set for a sustained move above the $60K level.Bitcoin has stabilized over the past couple of hours, now trading at just north of $58K.