The crypto market was hit hard over the past 24 hours as total liquidations surged to $1.29 billion, signaling one of the steepest Bitcoin corrections in weeks. Both long and short traders were caught in the chaos, with Ethereum (ETH) and Bitcoin (BTC) leading the liquidation heatmap. Over 339,000 traders were liquidated, with the largest single order worth $26 million on Hyperliquid’s ETH-USD pair.
ETH saw nearly $472 million liquidated, while Bitcoin followed with $287 million, as aggressive leverage unwound across major exchanges. Longs suffered the most, losing $891 million, compared to $399 million in shorts. The imbalance highlights how quickly bullish optimism flipped into fear as Bitcoin’s price broke through key support levels.
Bitcoin Technical Analysis
Bitcoin’s price has dropped 6.85% this week, currently trading around $103,800 after sliding from its local peak near $111,700. On the daily chart, BTC decisively fell below the 9-day EMA (around $113,250) — a bearish sign confirming a short-term trend reversal.
The candlestick structure shows a clear breakdown with long red bars accompanied by high trading volume, reflecting panic-driven selling. The Relative Strength Index (RSI) is now near 42, close to oversold territory, suggesting that while selling pressure remains strong, a potential short-term rebound could occur once sellers exhaust.
The Bigger Picture
This Bitcoin market crash mirrors the typical volatility seen after rapid rallies. The flush-out of leverage could actually strengthen the market’s foundation, allowing Bitcoin to stabilize around psychologically key zones like $100,000.
If this support holds, Bitcoin may consolidate and build a new base before the next leg up. However, sustained pressure below that level could open the door to a deeper retracement. For now, short-term momentum remains bearish, but mid-to-long-term structure still favors recovery once liquidity stabilizes.
