The encryption market is witnessing $ 298 million in liquidation, as bitcoin prices are struggling
The encryption market faces another wave of turmoil as its upward direction faces resistance. The total market value decreased to 3.15 trillion dollars, and Bitcoin (BTC) decreased to $ 95,705, causing a ripple effect throughout the market. This decline led to huge qualifiers, eliminating nearly 298 million dollars in just 24 hours, leaving the merchants on the edge of the abyss.
More than 110 thousand traders have been filtered
according to Data from CoinglassAnd faced more than 110,705 filtering traders due to the latest shrinkage in the market. The total liquidation amount was 298 million dollars, with more long dealings than others.
Among the total, 206 million dollars came from the long refinery trades, while short positions formed 92 million dollars. The biggest liquidation occurred on Binance, where a huge trade of $ 7.5 million was eliminated.
During, Binance Binance – [email protected] Central exchangeCross currenciesTrading applicationInvesting the encrypted currency It also witnessed the largest number of references, with a total of 38.67 % or about 104.03 million dollars. Other major stock exchanges, such as Bybit, OKX and Gate.IO, have witnessed significant losses, at $ 50.18 million, $ 49.59 million, and 31.24 million dollars, respectively.
Bitcoin continues to test its support level
Bitcoin is currently facing a file The decisive test in $ 96,000 Support level. If you fail to keep this price, it can follow a deeper correction, which increases the investor’s confidence. One of the main reasons for Bitcoin’s decline is important external flows from Bitcoin etfs.
However, data from Farside offers Bitcoin’s investment funds witnessed an external flow of $ 129 million on February 18, adding more pressure on the original.
As market conflicts continued, the Crypto Fear and Greed index decreased to 37, indicating that merchants feel nervous. Many merchants are now betting on Bitcoin by opening short positions.
Altcoins is also under pressure
Bitcoin is not the only origin that feels the effect of market contraction. The leading altcoins, including Solana (SOL), XRP and Dogoin (DOGE), and significant decreases in prices decreased.
The expectations surrounding the money traded (ETFS) for XRP and Solana were not sufficient to stabilize their prices in the short term.
With uncertainty on the horizon, Bitcoin merchants closely monitor to see if it can carry the main support level.
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Common questions
Bitcoin decreases due to ETF external flows, market resistance, and increased liquidation, which leads to panic and fluctuation.
Within the past 24 hours, $ 298 million has been filtered, which affected more than 110,000 merchants, with a loss of long jobs 206 million dollars.
Solana and XRP decreases due to Bitcoin shrinkage, ETF and uncertainty in the market in general, which affects the investor’s confidence.
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