$BTC The crypto market fell 6.09% over the last 24 hours, extending a 16.73% decline over 30 days. Main factors:
Bitcoin breakdown – Dropped 6% to $97K, breaking key technical supports like the 200-day EMA.
Leverage unwinding – $509M in BTC liquidations (+175% vs. prior day) amplified selling.
Miner/whale selling – Increased BTC transfers to exchanges added supply pressure.
Deep Dive
1. Bitcoin Technical Breakdown (Bearish Impact)
Overview: Bitcoin fell below critical support at $100K, triggering algorithmic sell-offs. It breached the 200-day EMA ($98K) and Fibonacci retracement levels, with RSI at 28 (oversold). Analysts note $95K as the next key on-chain support.
What it means: Technical traders exited positions, while miner BTC reserves hit a 6-month low, signaling capitulation.
2. Derivatives Liquidation Cascade (Bearish Impact)
Overview: BTC liquidations surged to $509M in 24h, with longs accounting for 93% ($472M). Open interest rose 3.85%, indicating leveraged positions faced margin calls.
What it means: Forced selling from liquidations deepened the drop, while funding rates turned negative (-0.0038% for alts vs. BTC), discouraging long rebuilding.
3. Macro Correlation Drag (Mixed Impact)
Overview: Crypto’s 24h correlation with Nasdaq-100 hit 0.95 (near-perfect sync). However, U.S. equities were closed during the crash, suggesting crypto-specific triggers dominated.
What it means: While macro risks linger (Fed rate uncertainty), today’s dip reflects internal leverage and sentiment issues rather than external equity moves.
Conclusion
Bitcoin’s breakdown below psychological and technical levels, compounded by derivatives liquidations and miner selling, drove today’s decline. With fear pervasive (CMC Fear & Greed Index: 22/100) and altcoins underperforming, traders should monitor whether BTC stabilizes above $95K. Could this flush set a local bottom, or will ETF outflows and miner capitulation prolong the slide?
