The cryptocurrency market faced a sharp downturn over the past four hours, with more than $260 million in liquidations triggered by Bitcoin’s sudden loss of momentum. The flagship cryptocurrency briefly plunged to $100,833, intensifying market uncertainty and sparking widespread volatility across major exchanges.
Bitcoin and Ethereum Lead Liquidation Wave
According to data from Coinglass, Bitcoin was hit hardest, with liquidations totaling approximately $84.71 million. Ethereum followed with $58.40 million in liquidated positions. The broader market also suffered, with most of the liquidations involving the forced closure of long positions as bullish bets unraveled.
Bybit emerged as the most affected exchange, recording $111.12 million in liquidations within the four-hour window, predominantly from long positions. Other major platforms like Binance, OKX, and Gate.io also reported significant liquidation volumes, underscoring the widespread nature of the market shakeout.
Bitcoin’s Rally Falters Amid Selling Pressure
Earlier in the day, Bitcoin briefly climbed to $106,000, but mounting selling pressure swiftly erased those gains. The cryptocurrency tumbled nearly 5.8% to touch $100,833, signaling a potential pause in its recent bullish run. Analysts have grown increasingly cautious, warning that without new catalysts, Bitcoin’s upward momentum could falter further.
Traders have described the current market conditions as a “battleground” for Bitcoin and Ethereum, with heavy liquidations amplifying the volatility. Despite these headwinds, the total cryptocurrency market capitalization remains at $3.28 trillion, with Bitcoin maintaining a dominant 61.7% market share.
Outlook: Can Bitcoin Reclaim Momentum?
At present, Bitcoin is trading around $101,847, marking a 2.6% decline over the past 24 hours, according to CoinMarketCap data. With the market on edge, investors are closely monitoring whether Bitcoin can stabilize and resume its upward trajectory or if further liquidations will reshape the crypto landscape.
The next few days are expected to be pivotal, as traders and analysts alike await clearer signals on the market’s direction.
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