Bitcoin Drops 9.90% to $83,172 with $1.04 Billion Liquidated
Bitcoin (BTC) has dropped 9.90% in the last 24 hours, now trading at $83,172.87, down from a high of $93,664.05. The Fear and Greed Index shows extreme fear at 15.
Recent bullish sentiment followed an announcement from US President Donald Trump about a “Crypto Strategic Reserve” that will include major cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Cardano.
Market Liquidations
- Approximately $1.04 billion liquidated in the past 24 hours.
- $864.57 million in long positions were lost.
- Short positions worth $147.84 million also impacted.
- 297,655 traders faced liquidations; the largest was $13.40 million on Bitfinex.
Analyst Ali Martinez identified a resistance zone at $97,000, where 2.27 million investors hold 1.64 million BTC. A breakout above this level could lead to new all-time highs.
Price Analysis
- The 20-day Exponential Moving Average is at $91,082; reclaiming this is crucial for bullish momentum.
- The Relative Strength Index indicates Bitcoin is nearing oversold territory.
- Trading near the lower Bollinger Band at $81,596.26 suggests potential support.
- If selling pressure continues, BTC may drop to $75,000–$78,000.
Source: TradingView