Key Notes
- The crypto market saw liquidations worth $1.04 billion as Bitcoin dropped from $93K to $82K in the past day.
- A total of 297,655 traders faced liquidations with the largest one being on Bitfinex, worth $13.40 million.
- Ali Martinez noted that Bitcoin faces a strong resistance at $97,000 where 2.27 million investors collectively hold 1.64 million BTC.
The market-leading digital asset Bitcoin (BTC) has experienced a dramatic 9.90% drop in the past 24 hours, trading at $83,172.87 at the time of writing. The leading cryptocurrency saw a sharp decline after reaching a 24-hour high of $93,664.05, before testing a low of $82,467.24. The market uncertainty is high, with the Fear and Greed Index reading 15, indicating “Extreme Fear”.
Bitcoin turned bullish two days ago following a groundbreaking announcement from US President Donald Trump. In a statement, Trump pledged to establish a “Crypto Strategic Reserve” that includes major cryptocurrencies such as Bitcoin
BTC
$85 869
24h volatility:
3.2%
Market cap:
$1.70 T
Vol. 24h:
$37.96 B
, Ethereum
ETH
$2 009
24h volatility:
3.8%
Market cap:
$243.52 B
Vol. 24h:
$21.36 B
, XRP
XRP
$2.45
24h volatility:
6.6%
Market cap:
$142.37 B
Vol. 24h:
$8.53 B
, Solana
SOL
$134.2
24h volatility:
6.3%
Market cap:
$68.29 B
Vol. 24h:
$4.22 B
, and Cardano
ADA
$0.73
24h volatility:
2.9%
Market cap:
$26.18 B
Vol. 24h:
$1.17 B
.
Mass Liquidations Shake the Market
The extreme volatility has led to significant liquidations across exchanges, as per CoinGlass. In the past 24 hours, approximately $1.04 billion was liquidated, with $864.57 million in long positions wiped out. Short positions worth $147.84 million were also affected. A total of 297,655 traders faced liquidations, with the largest single liquidation order worth $13.40 million occurring on Bitfinex.
Crypto analyst Ali Martinez highlighted a crucial resistance zone at $97,000, where approximately 2.27 million investors collectively hold 1.64 million BTC. This suggests a significant supply barrier, as many investors may look to break even or take profits if BTC approaches this level.
“Breaking through this supply wall could open the door for new all-time highs,” Martinez stated, emphasizing the importance of a decisive breakout above $97,000. If BTC manages to overcome this resistance, bullish momentum could drive the asset toward six-figure price targets.
Bitcoin Price Analysis
The 20-day Exponential Moving Average (EMA) is sitting at $91,082, a level that BTC needs to reclaim for any bullish momentum to resume. Also, the Relative Strength Index (RSI) suggests that Bitcoin is approaching oversold territory but hasn’t yet reached the extreme levels (below 30) that typically indicate strong buying opportunities. If RSI dips further, BTC could test lower support levels.
-
Source: TradingView
Additionally, Bitcoin is currently trading near the lower Bollinger Band at $81,596.26, suggesting potential support at this level. However, if selling pressure continues, BTC may breach this zone and test even lower levels. If BTC rebounds from its oversold conditions, it may attempt to reclaim the middle Bollinger Band ($92,327.47) as resistance. However, if BTC fails to hold $81,596.26, a deeper correction toward $75,000–$78,000 could be in play.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
