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Bitcoin’s fall below the critical $100,000 mark has triggered a wave of sell-offs in the cryptocurrency market, raising concerns among investors. Analysts warn that if Bitcoin dips below the support level of $97,678, the decline could extend to $94,512. Conversely, a recovery above $101,383 could reignite buying interest and push the price toward higher resistance levels.
Investors are closely monitoring Bitcoin’s performance at these crucial price points, as market volatility remains high and sentiment shifts rapidly.
Wave of Liquidations in Bitcoin Long Positions
The recent price drop has led to significant liquidations in the derivatives market. Over the past 24 hours, a staggering $371.94 million in cryptocurrency positions were liquidated, with Bitcoin long positions accounting for $132 million of this total. Notably, $128 million of liquidations occurred in the last four hours alone, underscoring the intense volatility in the market.
Key market highlights from Sunday include:
- Open interest in Bitcoin futures remains above $64 billion, signaling sustained investor engagement.
- Global trading volume reached $21.80 billion, reflecting increased activity throughout the day.
- Tether (USDT) emerged as the most traded asset, with a total trading volume of $83.94 billion.
These figures indicate that despite heightened volatility, liquidity remains robust, and investor interest in the crypto market shows no signs of waning.
Investor Sentiment Remains Optimistic
Despite Bitcoin’s price struggles, overall market sentiment remains positive. The Crypto Fear and Greed Index stands at 71, indicating that the market is still in the “greed” zone. Bitcoin’s dominance in the crypto market holds steady at 57.9%, while Ethereum maintains a strong position with an 11.1% market share.
The resilience of these leading digital assets demonstrates their continued influence and importance in the cryptocurrency ecosystem.
Conclusion
Bitcoin’s recent price movements highlight the market’s inherent volatility, but the data suggests that investor confidence and liquidity remain strong. As the cryptocurrency market continues to evolve, Turkish NY Radio will keep you updated on the latest developments.
