$298M Liquidated in Crypto Bloodbath as Bitcoin Price Dips – Is the Bull Run Over?

The crypto market is once again on shaky ground as its recent rally hits resistance. Bitcoin (BTC) has dropped to $95,705, dragging the total market cap down to $3.15 trillion. This sudden dip has sent shockwaves through the market, triggering nearly $298 million in liquidations within just 24 hours.

Traders are now on edge, watching closely as Bitcoin struggles to hold a key support level.

With Bitcoin ETF outflows adding more pressure and fear creeping back into the market, all eyes are on the next move.

$298 Million in Liquidations as Market Declines

According to Coinglass, over 110,705 traders were affected by the latest market drop. The total liquidation amount reached $298 million, with long traders suffering the most.

Of this, $206 million came from long positions, while $92 million was from short trades. The largest single liquidation happened on Binance, where a $7.5 million trade was wiped out.

Binance Binance - [email protected] Centralised ExchangeCryptocurrenciesTrading AppCryptocurrency investment saw the highest number of liquidations, accounting for 38.67% of the total, or about $104.03 million. Other major exchanges also faced significant losses:

• Bybit: $50.18 million
• OKX: $49.59 million
• Gate.io: $31.24 million

Bitcoin’s $96K Support Level Under Pressure

Bitcoin is now testing a crucial $96,000 support level. If it fails to hold, a deeper decline could follow, further shaking investor confidence.

A major factor behind Bitcoin’s drop is heavy outflows from Bitcoin ETFs. Data from Farside shows that on February 18, Bitcoin ETFs recorded $129 million in outflows, adding more downward pressure.

With market uncertainty rising, the Crypto Fear and Greed Index has dropped to 37, signaling growing investor fear. Many traders are now opening short positions, betting against Bitcoin’s recovery.

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Altcoins Also See Major Losses

Bitcoin’s decline has impacted the broader crypto market. Leading altcoins like Solana (SOL), XRP, and Dogecoin (DOGE) have also seen sharp price drops. Even optimism about potential ETFs for XRP and Solana hasn’t been enough to stabilize their prices.

With uncertainty looming, traders are watching Bitcoin’s $96,000 support level closely. Holding above this level could help stabilize the market, while a breakdown could trigger further sell-offs.

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