The biggest cryptocurrency, Bitcoin fell below $97,000 after experiencing a sudden cooldown, with Bitcoin leading the downturn from $100K. The cryptocurrency is currently trading at $96,380 with a 3.15 drop in the past 24 hours, according to CoinMarketCap.
The drop accompanies a surge in trading volume, which has hit $89.5 billion. Bitcoin’s market capitalization now stands at $1.94 trillion.
Bitcoin ‘s Mass Liquidation Causes a Drop In Price
According to CoinGlass, in just one hour, liquidations across the crypto market reached $250 million, with $251.5 million in long positions and $2.58 million in shorts. Cumulatively, the past 24 hours have witnessed liquidations of $826 million, with Bitcoin accounting for $95.74 million of the total.
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The broader cryptocurrency market has also taken a hit, with the total market capitalization dropping 4.84% to $3.5 trillion. Trading activity has surged, with 24-hour volumes jumping by 58% to $237 billion.
On the other hand, altcoins have not been spared from the bearish trend. Solana-based memecoin Popcat (POPCAT) recorded a sharp decline, losing 16.8% of its value to trade at $1.25.
Technical indicators are showing a mixed picture for Bitcoin. TradingView’s 1-day analysis suggests a shift in sentiment, with a “neutral” outlook overall, driven by “buy” signals from moving averages and “sell” signals from oscillators.
The current uncertainty raises questions about sustainability, as traders and analysts look for potential catalysts to stabilize or further disrupt the market.
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Also Read: Beijing’s “Moderately Loose” Policy Sparks Bitcoin Speculation
