The past 24 hours have seen significant price declines in the cryptocurrency market, causing concern among investors. Analysts are predicting possible further corrections amid bearish market sentiment.
Cryptocurrency Market Tension
Bitcoin fell to $91,000, breaking key support levels. Analysts attribute this to bearish market sentiment and a lack of catalysts to push the market upwards.
Millions in Liquidations
The price decline left investors with leveraged positions in a difficult position. According to Coinglass data, $881 million worth of leveraged positions were liquidated in the past 24 hours. Most of these, $808 million, were long positions, and $72.7 million were short positions. The largest liquidation occurred in Bitcoin, followed by Ethereum, Solana, XRP, and DOGE.
Analysts Respond to the Decline
Analysts warn that the sharp decline in Bitcoin and altcoin prices is causing investor nervousness. CryptoQuant research head Julio Moreno noted that Bitcoin demand has turned negative for the first time since September 2024, complicating BTC price recovery. Experienced cryptocurrency analyst Ali Martinez emphasized the importance of holding the $93,700 support level to prevent further declines to $75,600.
Bitcoin continues to trade at $91,750, and analysts are urging caution, highlighting the possibility of further market corrections.
