The Crypto Market Faces Turbulence

The crypto market is experiencing turbulence as its upward trend encounters resistance. The total market capitalization has decreased to $3.15 trillion, and Bitcoin (BTC) has dropped to $95,705, causing a ripple effect throughout the market. This decline has triggered massive liquidations, wiping out nearly $298 million in just 24 hours, leaving traders on edge.

Over 110K Traders Liquidated

According to data from Coinglass, more than 110,705 traders faced liquidations due to the latest market downturn. The total liquidation amount reached $298 million, with long trades suffering the most.

Out of the total, $206 million came from liquidated long trades, while short positions accounted for $92 million. The largest single liquidation took place on Binance, where a massive $7.5 million trade was wiped out.

Binance also saw the highest number of liquidations, totaling 38.67% or about $104.03 million. Other major exchanges, including Bybit, OKX, and Gate.io, also saw significant losses, with $50.18 million, $49.59 million, and $31.24 million, respectively.

Bitcoin Continues to Test Its Support Level

Bitcoin is currently facing a critical test at the $96,000 support level. If it fails to maintain this price, a deeper correction could follow, further shaking investor confidence. One of the main reasons for Bitcoin’s decline is the substantial outflows from Bitcoin ETFs.

Data from Farside indicates that Bitcoin ETFs saw an outflow of $129 million on February 18, adding more pressure to the asset.

As the market struggles continue, the Crypto Fear and Greed Index has dropped to 37, signaling rising trader anxiety. Many traders are now betting against Bitcoin’s recovery by opening short positions.

Altcoins Also Under Pressure

Bitcoin isn’t the only asset feeling the market downturn. Leading altcoins, including Solana (SOL), XRP, and Dogecoin (DOGE), have also experienced significant price declines.

Hopes surrounding exchange-traded funds (ETFs) for XRP and Solana have not been enough to stabilize their prices in the short term.

With uncertainty looming, traders are closely monitoring Bitcoin to see if it can hold its key support level.