Bitcoin Fluctuates: 110,000 Traders Liquidated in Just 24 Hours!

Bitcoin is walking a tightrope around 96,000 dollars, as if held by an invisible magnet. This level, like a tightrope wire, currently maintains the king of crypto, but the market winds are blowing strong. With every oscillation, the entire crypto ecosystem sways. Result? A bloodbath for traders: 298 million dollars were liquidated in a single day. While some are trying to save their stake, others are scrutinizing the support at 96,000 dollars, wondering whether it will hold or give way under pressure.

Crypto Traders: The Carnage of Liquidations

Following the announcement of a week of truth for crypto, the market showed no mercy: more than 110,000 traders saw their positions evaporate in 24 hours. Out of the 298 million dollars gone up in smoke, long positions were the hardest hit with 206 million dollars liquidated, compared to 92 million for short positions.

Here is the breakdown of losses by platform:

• Binance: 104 million dollars (38.67% of liquidations);
• Bybit: 50.18 million;
• OKX: 49.59 million;
• Gate.io: 31.24 million.

And the worst? An unfortunate trade of 7.5 million dollars was wiped out in an instant on Binance.

“Bitcoin has already ridiculed many analysts… And we are still one explosive announcement away from a ‘God candle’,” reminds Stack Hodler.

But for now, the Crypto Fear and Greed indicator has dropped to 37, a sign that panic is gaining ground.

Bitcoin: A Fragile Support Under ETF Pressure

If Bitcoin is faltering, it’s not just because of the liquidations. Another blow came from Bitcoin ETFs, which saw a massive withdrawal of 129 million dollars on February 18. These outflows reduce demand and weigh heavily on the price.

Traders, meanwhile, are hesitating. Some are opening short positions, betting on a drop. Others are holding on, wagering on a rebound.

Matrixport notes that, unlike the frenzy of 2020/2021, leverage remains moderate.

“The massive liquidations of today no longer cause the collapses of yesterday,” analyzes their report.

In the meantime, altcoins are following the trend. Solana, Dogecoin, and XRP are struggling, despite the hopes placed in future ETFs on these cryptos. If BTC breaks its support, the storm may intensify for the entire market.

A CryptoQuant analyst warns: a drop to 85,000 dollars is on the table. But after the storm, he forecasts a historic bullish rally. Patience, stack your satoshis, and wait for the next wave!