Bitcoin and Ethereum faced a sharp sell-off in the past 24 hours, with liquidations reaching $297.17 million for BTC and $491.97 million for ETH. The move was mostly one-sided. Only 7.9% of Bitcoin liquidations and 7.8% of Ethereum liquidations were short positions, according to the article. Bitcoin dropped 3.20%, while Ethereum fell 7.90% within hours.
Liquidation data
The drop pushed Bitcoin to a low near $73.5K. Market sentiment was already weak before the cascade, and the rapid liquidation run likely made traders more cautious. A fall below $70K now looks possible, though not certain. The $65K to $66K area could draw buyers looking for a deep discount if losses continue.
Why sentiment weakened
Recent security incidents added pressure. The article points to the Binance heist and the Mercado Bitcoin incident as factors that hurt market mood. It also notes that Bitcoin lost a key onchain support level, which warned of a deeper correction. A post from Kobeissi Letter described a fast reversal in S&P 500 futures after the 6:00 PM ET open, suggesting buyers stepped in quickly. That strength could show up in crypto later, perhaps during the New York session, but it did not stop the current sell-off.
Bitcoin support levels
Bitcoin recently fell below its true market mean at $77.6K. It is also trading below the 50-week moving average. Alex Thorn, Head of Research at Galaxy, noted that BTC has slipped below that average only twice after reclaiming it as a post-bear bottom. Those cases were in 2012 and 2019-20, and neither led to new weekly lows. The weekly structure still looked bullish after a close above $82,850. Thorn said the weekly low at $57.8K was not at risk based on that history.
What traders watch next
Momentum remains bearish for now. A break under $70K is feasible if selling continues, and more losses appear likely in the coming days. Still, the S&P 500 reaction showed that dip buyers are active. If that demand carries into crypto, it may help Bitcoin stabilize. For now, traders are watching whether the $73K area holds and whether the 50-week moving average turns from a warning sign into a longer-term concern.
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