Crypto Market Crash Leads to $411 Million in Liquidations
The crypto market experienced a significant downturn today, with Bitcoin losing 2.9% to $110,000, triggering widespread selling across altcoins.
- Ethereum dropped 5.58%, falling to around $4,300.
- XRP decreased by 5.7%, trading at $2.87.
- Dogecoin fell another 4%, finding support at $0.212.
- Cardano also faced substantial losses among top digital assets.
Total liquidations in the crypto market surged to $414 million, predominantly from long positions. Analysts indicate that Bitcoin's failure to maintain the crucial support level of $112,000 could lead to further declines, with predictions suggesting a potential drop to $105,000 or even $100,000.
Analyst Kaz The Shadow advised traders against opening long positions at current resistance levels, urging patience for a clearer price action. Michael Van de Poppe echoed this caution, forecasting that Ethereum might revert to neutral conditions, potentially presenting buying opportunities later.
- Ethereum may drop further to levels around $3,700.
- XRP is anticipated to retrace to $2.83 due to whale offloading.
- Dogecoin faces risks of dropping as much as 45% if bullish momentum fails.