Crypto Market Faces Major Liquidation Event

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 4 days ago

BTC+1.337%

BILL+4.92%

HYPE+0.26%

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Record Liquidation Scale: The crypto market experienced nearly $1.86 billion in liquidations within 24 hours, marking the largest liquidation event since mid-February, highlighting extreme volatility and investor fragility.
Bitcoin Hit Hardest: Bitcoin's long positions suffered losses of $896.4 million during this liquidation, significantly surpassing Ethereum's $482.17 million, reflecting excessive optimism among investors leading to substantial losses.
Exchange Dominated Liquidations: Binance accounted for nearly $748 million of total liquidations, representing 41% of the overall wipeout, indicating a concentration of one-sided positions before the price drop, exacerbating market turmoil.
Open Interest Unexpectedly Rises: Despite the massive liquidation, Bitcoin's open interest increased from 759,000 BTC to 788,600 BTC, suggesting the entry of new short positions, which may indicate continued bearish sentiment in the market.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC 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, BTC 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 $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	43694.421	51412.666	58839.171	66557.416	73983.921	81702.166	89128.671
Fibonacci	51412.666	57197.96	60772.121	66557.416	72342.71	75916.871	81702.166

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

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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