The market has experienced a sharp increase in liquidations, with Bitcoin, Ethereum, and Dogecoin being the most affected. Over the past 24 hours, total liquidations have amounted to $614.63 million, impacting more than 224,000 traders.
Bitcoin accounts for the largest share, with $236.87 million in liquidations, followed by Ethereum at $106.85 million.
Source: X
Dogecoin has suffered the most among the top 10 cryptocurrencies, with $21.79 million in liquidations following a 13% price drop. The largest single liquidation order, valued at $32.09 million, occurred on Binance in the BTCUSDT pair.
Uncertainty surrounding Trump’s Bitcoin Reserve order and broader market conditions has left traders on edge, anticipating further volatility.
BTC, ETH, and DOGE struggle
Following this wave of liquidations, major cryptocurrencies are attempting to stabilize, but bearish pressure remains strong.
Source: TradingView
At press time, Bitcoin was trading at $81,273, struggling to regain momentum after its recent decline. The RSI sat at 35.38, signaling oversold conditions, which could hint at a potential relief bounce.
However, the downward trend remains intact, with strong resistance near $84,000. The OBV also showed weak buying pressure, indicating cautious sentiment among traders.
If BTC fails to hold above $80,000, further downside towards $78,000 could be likely. A break above $84,000 might shift momentum in favor of the bulls.
Source: TradingView
