Bitcoin Futures Market Sees $106M in Liquidations

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

ETH-0.409%

NEAR-6.839%

BTC-0.844%

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Market Liquidation Overview: The cryptocurrency perpetual futures market recorded approximately $106 million in liquidations over the past 24 hours, with Bitcoin (BTC) and Ethereum (ETH) leading the activity, indicating high volatility and uncertainty in the market.
Bitcoin and Ethereum Performance: Bitcoin futures saw $56.23 million in liquidations, with shorts accounting for 51.33%, reflecting fierce competition within a price range; Ethereum followed with $31.68 million liquidated, where 54.26% were long positions, indicating that bulls were caught off guard by a sudden downturn.
NEAR Protocol Short Squeeze: NEAR Protocol experienced $12.62 million in liquidations, with an overwhelming 88.55% of those being shorts, suggesting that the market had become overly bearish, leading to a rapid price spike that forced many bearish traders to exit their positions.
Trader Response Strategy: The liquidation data underscores a market highly reactive to leverage, with BTC liquidations nearly balanced, indicating neither bulls nor bears have fully seized control, while the dominance of ETH long liquidations may signal a potential shift in momentum.

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Technical Analysis for ETH

Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Ethereum (ETH) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1874.888	1942.094	2023.088	2090.294	2171.288	2238.494	2319.488
Fibonacci	1942.094	1998.706	2033.682	2090.294	2146.906	2181.882	2238.494

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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