Bitcoin has experienced a severe slump over the weekend, briefly dipping below $97,000.
As the global crypto market cap dropped by 6.7% to $3.43 trillion, both Bitcoin and Ethereum saw significant declines. However, according to CoinGecko, only altcoins, including the Polkadot Ecosystem and XRP Ledger Ecosystem, have shown an uptick.
Bitcoin (BTC) Continues to Fall
Bitcoin is currently priced at $96,532, reflecting a dip of over 3.4% in the past 24 hours. Fueled by liquidations and major sell-offs, the 24-hour market volume of Bitcoin surged by 130%, reaching $64.21 billion. This led to a 3.62% drop in its market cap, which now stands at $1.92 trillion. If the market cap continues to shrink, Bitcoin could fall to become the eighth-largest asset, behind silver.
Market experts believe the 20-day exponential moving average ($101,538) and the relatively weak relative strength index (RSI) suggest that the bulls are losing control. If the price breaks below the nearby support at $97,000, the next potential support level could be $90,000, according to market analysts.
As mentioned, the liquidation wave in the crypto market was triggered by a snowball effect of sell-offs. In the past 24 hours, 456,386 traders were liquidated, with the total value of liquidations reaching $1.19 billion. The largest single liquidation order occurred on Binance, involving ETHUSDT with a value of $19.05 million.
Ethereum has seen a liquidation total of $257.16 million, while Bitcoin’s liquidation stands at $236.26 million.
Also Read: Will Ethereum Hold $3K? Profitability Metrics Say Otherwise
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