The cryptography market is faced with another wave of turbulence because its upward trend faces resistance. Total market capitalization fell to 3.15 dollars, and Bitcoin (BTC) fell to $ 95,705, causing a training effect on the market. This decrease triggered massive liquidations, destroying nearly $ 298 million in just 24 hours, leaving merchants at the forefront.
More than 110,000 merchants have liquidated
According to Coinglass data, more than 110,705 merchants were faced with liquidations due to the last slowdown in the market. The total liquidation amount has reached $ 298 million, long professions suffering the most.
Of the total, $ 206 million came from long -liquidated transactions, while the open positions represented $ 92 million. The largest liquidation took place in Binance, where a massive exchange of $ 7.5 million was wiped out.
Meanwhile, Binance has also experienced the greatest number of liquidations, totaling 38.67% or approximately $ 104.03 million. Other major exchanges, such as Bybit, OKX and Gate.io, have also experienced large losses, with $ 50.18 million, $ 49.59 million and $ 31.24 million, respectively.
Bitcoin continues to test its level of support
Bitcoin is currently faced with a critical support test of $ 96,000. If it does not hold above this price, a deeper correction could follow, by shaking more the confidence of investors. One of the main reasons for Bitcoin’s decline is the important outings of Bitcoin ETF.
However, Farside’s data show that Bitcoin ETFs experienced an exit of $ 129 million on February 18, adding more pressure to the asset.
While market difficulties continue, the Crypto Fear and Greed index fell to 37, showing that traders become nervous. Many traders now bet against the resumption of Bitcoin by opening short positions.
Altcoins also under pressure
Bitcoin is not the only asset feeling the impact of the slowdown in the market. The main altcoins, including Solana (soil), XRP and Dogecoin (DOGE), have also had a decrease in major prices.
The expectations surrounding the negotiated funds on the stock market (ETF) for XRP and Solana were not sufficient to stabilize their prices in the short term.
With imminent uncertainty, traders look closely at Bitcoin to see if it can hold its key support.
