Cryptocurrencies have faced a sharp selling pressure in recent hours. While US stock markets have maintained a relatively strong performance, the weak performance in the crypto market has become evident.
Bitcoin is showing a horizontal view just below 90 billion dollars, experiencing a rapid decline with the start of US transactions, dropping to around 86,800 dollars during the day. The largest cryptocurrency was trading at around 87 thousand dollars at the time of writing, with its loss in the last 24 hours exceeding 2%.
The sell-offs in the market were not limited to Bitcoin alone. While Ethereum fell to around $3,000, leading altcoins such as Solana, BNB, XRP, Dogecoin, and Cardano recorded declines ranging from 2% to 4%. There was also a noticeable decrease in the total cryptocurrency market value throughout the day.
A striking assessment regarding market dynamics has come from Bespoke Investment. The institution noted that if the iShares Bitcoin ETF is held after trading hours, it provides a return of 222%, whereas holding it only during intraday trades results in a loss of over 40%. This data indicates that gains in Bitcoin largely occur while U.S. exchanges are closed.
On the technical side, some analysts argue that the current decline may not be permanent. il Capo of Crypto characterized the pullback as a 'bear trap,' expressing expectations for a strong recovery. According to the analyst, the $95,000 level is the next critical target for Bitcoin. It is stated that if this level is clearly surpassed, the $100,000 range could come back into play.
The decline in Bitcoin prices also brought a significant amount of liquidation. The total cryptocurrency market experienced a liquidation of $468 million in the last 24 hours, of which $384 million was in long positions.
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