The cryptocurrency market faced turbulence in the past 4 hours, with it seeing a liquidation of over $260 million as Bitcoin briefly fell to $101K amid increased uncertainty. The sharp wave of liquidations coincides with huge selling pressure, as the market loses its bullish momentum and sparks volatility that has caught traders off guard across major exchanges.
According to Coinglass data, Bitcoin bore the brunt of the liquidations, impacting both long and short positions, accounting for roughly $84.713 million of the liquidations, while Ethereum contributed $58.40 million.
Other cryptocurrencies also reflected the market-wide impact, with most liquidations involving the closure of long positions.
Bybit, the second-largest crypto exchange by trading volume, led in 4-hour liquidation with $111.12 million, particularly for long positions, followed closely by Binance, OKX, and Gate.io.
Bitcoin Loses Momentum
While briefly touching the $106K mark earlier today, Bitcoin dipped as low as $100,833, down nearly 5.8%, signaling a slowdown in its upward trajectory. With this dip now, the market sentiment has grown cautious, as some experts warn that Bitcoin’s bullish run may falter without fresh catalysts.
Recent X posts highlight the severity of the liquidations, with traders describing the market as a “battleground” for Bitcoin and Ethereum positions. Despite the turbulence, the total crypto market capitalization remains at $3.28 trillion, with Bitcoin holding a 61.7% dominance.
At the time of writing, Bitcoin is trading near $101,847—down 2.6% in the past 24 hours.
As the market grapples with these challenges, traders are closely watching whether Bitcoin can reclaim its momentum or if further liquidations will redefine the crypto landscape. The coming days will be critical in determining the market’s next move.
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