Bitcoin Crashes Below $98K as Crypto Market Faces Sharp Decline

Bitcoin’s price has tumbled below the critical $98,000 mark, currently trading at $97,800, a 4.15% drop in the past 24 hours.

The decline has brought Bitcoin’s market cap to $1.93 trillion, with a 24-hour trading volume of $52 billion, reflecting heightened market activity amid the downturn.

According to Coinglass data, $388.93 million in crypto positions were liquidated in the last 24 hours. Long positions accounted for the majority at $331.23 million, while shorts made up $57.7 million. Bitcoin alone contributed $73.09 million to the liquidations, highlighting its pivotal role in the broader market turbulence.

The 1-day technical analysis from TradingView, however, shows that the bullish santiment still hasn’t lost its steam. The smmary shows “buy” at 14, moving averages point to “stron buy” at 12, while oscillators remain “neutral” at 7.

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Ethereum has also faced sharp losses, trading at $3,460 after shedding 7% in the same period. The second-largest cryptocurrency now holds a market cap of $416 billion, with $26 billion in trading volume over the past day, reflecting increased sell-offs.

The overall crypto market has suffered a 4.54% decline, with the total market cap dropping to $3.44 trillion. However, trading activity surged by 24.4%, reaching $142.5 billion, as volatility continues to grip the sector. The downturn signals intensified pressure on the crypto market, with major assets struggling to regain momentum.

Alexander Stefanov