The cryptocurrency market is facing the threat of a sharp downturn, as Bitcoin approaches a critical level of $100,000 that could trigger panic among traders.
Bitcoin Nears Critical Level
Currently trading at $102,730, Bitcoin has dropped 2.58% over the past week. Having breached the $104k support, bearish sentiment is strengthening, making it increasingly difficult for bulls to maintain the price.
Liquidations in Crypto Market
Over the past 24 hours, more than $680 million in long and short positions were liquidated, impacting over 172,000 traders. The largest liquidation order was for $9.15 million recorded on HTX in the ETH/USDT pair.
Status of Other Cryptocurrencies
Ethereum (ETH) is also under pressure, losing over 5.71% to $2,268, with liquidations totaling $282 million. Solana (SOL) and XRP have also experienced significant declines, while meme coins and altcoins started dropping by more than 15%.
The situation in the cryptocurrency market remains tense, and a further decline of Bitcoin below $100,000 could trigger a new wave of liquidations and panic acts among traders.
