The Crypto Market is bracing for a crash as Bitcoin ( BTC) teeters dangerously close to the $100,000 mark, a level that could trigger panic selling. The fear is not just from within the ecosystem as global conflicts such as the Israel-Iran war have escalated again, right after the India-Pakistan conflict.
Currently trading at $102,730 Bitcoin has already dropped 2.58% in the past week, and market sentiment is shifting towards bearish sentiment as BTC has breached its $104k support. With the increasing selling pressure bulls are struggling to keep up with price and may soon let bears have the complete field.
$680M in Total Liquidations, ETH tops the Pain Chart
Over $680 million in crypto long and short positions were liquidated in the last 24 hours, with more than 172,000 traders wrecked. The single largest liquidation order was of $9.15 million, recorded on HTX involving ETH/USDT pair.
Liquidation Heatmap | Source: Coinglass Ethereum (ETH) is leading the slide, losing over 5.71% in 24 hours to $2,268. In these 24 hours alone, ETH saw staggering $282 million in liquidations, according to heatmap charts. This nearly doubles Bitcoin’s $151.69 million wipeout, signalling that ETH bulls are taking the brunt of the downturn.
- Ethereum: trading at $2271, Liquidated $282 million liquidated
- Bitcoin: trading at $102,730, liquidated $151.6 million
- Solana: trading at $135, liquidated $28.9 million
- XRP: trading at 2.07, liquidated 21.9 million
- Doge: trading at $0.156, liquidated 10.8 million
As all these cryptos are near their major support zones, bitcoin breaking the $100k support can ignite a market crash.
Altcoin Breakdown: Red Sea Widening
As BTC weakens, altcoins are falling even harder. XRP is already down 2.15% today and Cardano has dropped 4.79% trading at $0.55, as a matter of fact it is already down 12% in the week. As mentioned above doge coin and Solana are also losing momentum.
With the market volume and sentiment deteriorating across the board, socially trending alt coins and memecoins have already felt the jitters as they have begun to fall over 15%. Pi coin is down 17.5%, Pepe coin is also down 17.4%. Dog with hat (WIF) and FLOKI both are down 15%.
Ethereum’s massive sell-off is pulling the market down with it, and a sharp decline in altcoin prices increases the risk of overall crypto market crash.
BTC at $100K: The Last Support?
If Bitcoin decisively breaks the $100,000 support, analysts warn that a cascade of further liquidations could follow, potentially dragging major altcoins down as it always does. Technical Indicators including ETH and SOL, are showing bearish breakdowns from support levels, while volatility spiking.
James Taledano, COO of Unity wallet said, “The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn’t surprise me at all and underscores the overall indecision people and market feel.”
Analyst Crypto Capo had recently given critical comments saying, “ We haven’t seen anything yet, Altcoins are already dropping hard, even though Bitcoin is still above $100K.”
What’s Next?
Investors should watch for:
- BTC’s Behaviour at $100K psychological support
- Ethereum testing the $2,200 zone
- Alt Coins like XRP and ADA breaking June Lows
- Surge in Short positions and potential flash crashes.
