The cryptocurrency market is facing a major shake-up today, as Bitcoin (BTC) experiences a sharp 7% drop, falling to $97,905. What started as a typical market correction has quickly escalated into a larger sell-off, triggering massive liquidations across the space. As Bitcoin’s decline ripples through the market, nearly $900 million in leveraged positions have vanished.
But the questions are piling up—will Bitcoin hold its ground, or is this just the beginning of a deeper downturn? Read on to find out what’s at stake for the entire crypto market.
According to Coinglass data, more than 316,000 traders were liquidated during this price drop, totaling $881 million in liquidations. Long positions were hit the hardest, making up about $820 million of the total, while short positions accounted for $60 million.
The largest single liquidation happened on the HTX exchange, where a massive $98.46 million position was wiped out.
As the market continues to struggle, the Crypto Fear and Greed Index shows a shift in sentiment. The index now sits at 55, indicating a “Neutral” outlook. With increased caution in the market, more traders are betting against Bitcoin’s recovery by taking short positions.
Bitcoin is currently testing its crucial support at $98,000, which it needs to hold to prevent further declines. If Bitcoin loses this level, it could trigger a deeper correction, erasing recent gains and causing more uncertainty in the market.
The pressure on Bitcoin is mounting as the Federal Open Market Committee (FOMC) meeting on January 29 approaches. On top of that, former BitMEX CEO Arthur Hayes 
It wasn’t just Bitcoin that took a hit—altcoins also saw significant losses. Ether (ETH) was the hardest hit, with over $110 million worth of long positions liquidated.
Other major cryptocurrencies like Solana (SOL), XRP, Dogecoin (DOGE), and Chainlink (LINK) saw their prices fall by double digits, contributing to the overall market downturn.
With every price swing, the cryptocurrency world proves just how unpredictable and exhilarating it can be.
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