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The crypto market is in for another bumpy ride as financial events coincide with a spike in volatility, and around $435 million in positions have been liquidated over the past 24 hours. Bitcoin (BTC) and Ethereum (ETH) are taking the biggest hit, and leveraged traders keep losing money on major exchanges.
According to CoinGlass, total liquidations reached $440 million, hitting 91,821 traders. Shorts accounted for $171 million. Longs took the bigger hit with $269 million, or 61.2% of the total, which shows that most of the pain fell on traders betting on a rise.
Bitcoin led with $163.8 million in liquidations, followed by Ethereum at $68 million. Other coins added $50 million in total liquidations, which makes the distribution of liquidations somewhat equal here.
Bitcoin Struggles Near Key Support
Bitcoin's daily chart looks somewhat fragile as BTC is trading around $78,006 after a pullback from its October highs near $87,000, which is an unfortunate sign, suggesting the recovery continuation is unlikely here.
BTC is now testing a key support zone between $76,000 and $78,000, where the longer-term moving averages collide. In a case where resistance is broken, new support should arise around $74,000 and possibly $70,000.
The closest resistance is near $80,000-$82,000, with multiple moving averages forming a trend, which will act as a resistance with Bitcoin's ascending movement.
Momentum indicators prompt further weakness, with the Relative Strength Index (RSI) slipping towards the lower half of its range. Bullish momentum is fading, but the market isn't extremely oversold yet.
Exchanges Hit by Heavy Liquidations
Hyperliquid saw around $39.84 million in liquidations over four hours, or 40.8% of the total for that period. Binance came next with $29 million, and OKX recorded $9.09 million.
The largest single liquidation reported was $5.03 million on Binance's ETHUSDT market.
The liquidation numbers don't prove that the outside events caused the sell-off. Traders cutting risks and high leverage could make the swings even bigger. If Bitcoin holds the $76,000 support zone, the market might calm down, but unfortunately, there's another big wave of liquidations sitting just around the corner in case of a breakdown.