A significant drop in Bitcoin's price has led to over $400M in liquidations in the past 24 hours, creating instability in the market.
Bitcoin Liquidations Surge
Bitcoin long liquidations have surged, exceeding $800 million in the last 24 hours. This followed the price dropping below $80,000, triggering widespread market liquidations. Increasing market pressure forced traders to close their positions. At press time, Bitcoin trades near $78,000. Analysts suggest these conditions could lead to significant price shifts in the future, noting potential for rebound if key support levels hold.
Price Drops Below Key Levels
Bitcoin's price drop below the critical $85,000 level has shaken investor confidence. US President Donald Trump's tariff announcements further eroded market optimism. Coinglass data indicates 226,890 total traders were liquidated, totaling $932.45 million. Ethereum also hit an annual low, exacerbating market pressures. Without establishing a solid support level, sustained pressure may continue.
Technical Indicators Signal Bearish Momentum
Technical indicators point to bearish market trends. Oversold conditions suggest seller exhaustion, with RSI at 27.17. The MACD indicates increased negative momentum with a histogram value of -3667. The downward ADX trend highlights the strength of the current bearish move at a value of 43. Continued pressure in the coming days could see Bitcoin testing lower support levels.
The crypto market remains under pressure as liquidations continue and technical indicators signal bearish momentum. Traders are now focusing on Bitcoin's movement within the $75,000-$78,000 range with an eye toward a potential recovery into the $90,000-$95,000 range.
