Cryptocurrency markets continue to show negative dynamics, with Bitcoin reaching a low of $101,000. Analysts are searching for explanations and trying to determine the local bottom.
Current Market Situation
According to the latest data, Bitcoin has fallen below $101,000 but has slightly recovered to trade above $102,000 as of this writing. The 1-hour chart indicates that the cryptocurrency has been in a clear downtrend for the past five days, marking new lower highs and lows.
Liquidation Position Statistics
Data from Coinglass shows elevated levels of liquidated positions across the leveraged market. Almost $700 million were wiped out, which is a 35% increase compared to the previous day. The overwhelming majority were longs, accounting for around $600 million of the total.
Altcoin Status
The heatmap analysis shows that, with the exception of LEO, every single altcoin from the top 50 by market capitalization is charting significant losses over the past 24 hours.
As the decline continues, analysts remain vigilant for signs of a local bottom. The significant number of liquidations and the decline of altcoins highlight the current challenges within the cryptocurrency industry.