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. Ltd. owns the rights. As it has been for a few days, the cryptocurrency market is experiencing a downturn today. Ripple (XRP), Ethereum (ETH), Solana (SOL), and Bitcoin (BTC) are all down 4%, 4%, 3%, and 7%, respectively. Similar declines are occurring in a lot of other cryptocurrencies. The fluctuation of the Bitcoin price appears to be one of the primary contributors to the decline in the market. The price of $90,000 has been viewed as a psychological obstacle. Many investors have interpreted a price below $90,000 as a bearish sign, which has had an impact on the overall mood of the market.
After overcoming the support level of $80,000, Bitcoin is currently trading at $81,952, indicating a 1.54% recovery. The resistance level of $84,000, at which the BTC price previously fell, has been identified. This proves that it is a significant obstacle to further upside momentum. Bitcoin’s ability to break above $84,000 and stay there could point to a bullish recovery. A drop below $80,000 could elicit significant bearish sentiment in a bearish scenario, potentially triggering additional declines. Depending on selling pressure, the next possible downside targets could be $77,500 or even $75,000 if bears take control.
Cryptocurrency Market Slump Caused by Massive Liquidations Massive sales have occurred as a result of the current market downturn. Mikybull Crypto pointed out that the largest liquidation event since the FTX crash is taking place right now. Market sentiment is at levels that are comparable to the historical lows of the previous cycle. This could indicate that the bottom has already formed or that there will be additional pain before it forms. This perspective is bolstered by the fact that Crypto Rover reported that this event represents the largest wipeout of Bitcoin longs since the Celsius and FTX crypto crashes, blaming some of the shift in market sentiment on political factors associated with the Trump administration. As leveraged positions are forced to close, these liquidations have increased the downward pressure on prices, triggering a cascading effect across the market. As can be seen in the current market activity, abrupt price drops typically occur when a large number of long positions are liquidated simultaneously.