Key Notes
- Analysts advised traders to avoid opening BTC long positions at resistance of $112,000, while expecting a deeper pullback ahead.
- Altcoins faced heavy losses, with Ethereum plunging 5.6% to $4,300 after losing its 20-day EMA.
- XRP and DOGE also dropped significantly amid strong selling pressure and whale offloading.
Today’s crypto market crash comes with Bitcoin
BTC
$108 657
24h volatility:
3.9%
Market cap:
$2.16 T
Vol. 24h:
$48.14 B
losing 2.9% to $110,000, sending shockwaves across all the crypto assets.
Altcoins have faced even greater selling pressure with Ethereum
ETH
$4 341
24h volatility:
4.0%
Market cap:
$523.57 B
Vol. 24h:
$37.95 B
, XRP
XRP
$2.84
24h volatility:
5.3%
Market cap:
$168.59 B
Vol. 24h:
$7.59 B
, Dogecoin
DOGE
$0.21
24h volatility:
4.1%
Market cap:
$32.18 B
Vol. 24h:
$2.28 B
, and Cardano
ADA
$0.83
24h volatility:
4.4%
Market cap:
$30.09 B
Vol. 24h:
$1.91 B
, losing the most among top digital assets.
As a result, the broader crypto market liquidations have soared to $411 million.
Crypto Market Crash Pushes BTC Down to $110,000
The recent crypto market crash has impacted Bitcoin and altcoins, driven by heavy profit-taking. According to CoinGlass, total crypto liquidations have reached $414 million, with $352 million coming from long positions.
With Bitcoin price losing the crucial support at $112,000, market analysts are eyeing even further correction to $105,000.
Crypto analyst Kaz The Shadow has urged Bitcoin traders to avoid opening long positions at current resistance levels.
The analyst emphasized waiting for a decisive breakout above the $112,000 mark or a potential dip to around $105,000 for a favorable bounce.”Be patient and avoid giving back your profits to the market,” the analyst advised.
On the other hand, analyst Michael Van de Poppe predicts further drop all the way to $100K. Crypto analyst Michael van de Poppe noted that Bitcoin failed to hold the $112,000 level and is continuing its downward trend.
He suggested that further declines could bring Ethereum back to a neutral zone, creating what he described as a “massive opportunity” for the broader crypto market.
ETH, DOGE, XRP Lose the Most Among Altcoins
After briefly climbing to $4,700, Ethereum has fallen 5.58% today, dropping to around $4,300.
Analyst Michael van de Poppe predicts a further drop to $3,700 levels, as the ETH price loses the 20-day EMA at $4,392.
“The markets are looking shaky, and if that happens, we’ll have some downwards momentum for a little while,” he added.
Ripple’s native cryptocurrency XRP has also dropped 5.7% as of press time, after facing a storing rejection at $3.0.
At the time of writing, XRP price is trading at $2.87, and analysts predict a further retracement to $2.83. Massive XRP whale offloading could lead to more selling pressure.
Similarly, DOGE found support at $0.212 earlier today but dropped another 4%. If bulls fail to regain control, Dogecoin could fall as much as 45% to $0.12.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/crypto-crash-triggers-411m-in-liquidations/
