The crypto market saw a major sell-off in Monday's session, with Bitcoin dipping to lows of $91,178 before slightly rebounding above $95,000 at press time. On derivatives markets, the total liquidations come in at $2.28 billion, with over $1.89 billion of bullish bets liquidated in the last 24 hours, according to CoinGlass data.
A total of 732,326 traders were liquidated, and the largest single liquidation order happened on HTX-BTC-USDT, valued at $38.78 million.
Bitcoin accounted for $450.55 million in total liquidations within the last 24 hours, as its price took a hit. Bitcoin has been dropping since reaching highs of $106,484 on Jan. 30 and will mark its fourth consecutive day of losses if today ends in the red.
The decline caused Bitcoin to drop below $100,000 and, hence, lose the daily SMA 50 at $98,995.
As Bitcoin seeks to steady amid the broader market sell-off, analysts are closely watching key price levels that could dictate its next move. According to crypto analyst Ali , one of the most critical support levels for Bitcoin is at $92,180, based on the MVRV Pricing Bands. If Bitcoin fails to hold this level, the next target could be $74,400.
The MVRV (Market Value to Realized Value) pricing bands show the relationship between the market price of a crypto asset and its realized price, helping identify periods of overvaluation or undervaluation. In periods of market volatility, the MVRV bands can provide key insights into potential price floors or resistance levels.
Short-term holders in loss
According to Glassnode, as Bitcoin fell below $100,000 over the weekend, a significant portion of the short-term holder (STH) supply suffered a loss. When Bitcoin fell to $97,000, the supply in loss and profit held by STHs was evenly split at nearly 11%, which is the largest loss exposure for STHs since early January.
Meanwhile, BTC's long-term holders (LTHs) remain largely unaffected, with less than 0.01% of their supply in loss. However, their unrealized profit share has steadily declined since November, now at its lowest since September, which suggests no renewed accumulation yet.
According to Glassnode, If BTC trends lower, long-term holders may resume accumulation, stabilizing price action and signaling confidence in higher future prices. Until then, market structure remains largely dependent on short-term holders' reactions to price swings.
