The past four hours have brought tension to the cryptocurrency market due to liquidation of positions amounting to over $260 million. Bitcoin faced a drop impacting traders’ overall sentiment.
Market Situation
In recent hours, the market experienced liquidations totaling over $260 million following Bitcoin's brief drop to $101K amid rising uncertainty. According to Coinglass data, Bitcoin suffered the largest liquidation, totaling approximately $84.713 million, while Ethereum added about $58.40 million.
Consequences of Liquidations
The liquidations primarily affected long positions across various platforms. Bybit led with $111.12 million in liquidations, particularly for long positions, followed by Binance, OKX, and Gate.io with significant liquidation figures.
Bitcoin Outlook
At the time of writing, Bitcoin was trading at $101,847, down 2.6% over the past 24 hours. Market sentiment has turned cautious, with experts warning that Bitcoin's bullish trend may stall without fresh catalysts. Traders are watching closely whether Bitcoin can regain lost ground or if further liquidations will occur.
The cryptocurrency market is experiencing volatility and uncertainty. The coming days will be crucial in determining how the situation develops and whether Bitcoin can regain its bullish trend.
