Bitlayer (BTR), a Bitcoin Layer 2 project built on BitVM, has seen a nearly 78% drop over the past 24 hours, now trading around $0.041. The project, backed by investors such as Polychain, Franklin Templeton, and Framework Ventures, with roughly $25 million in funding, is now facing sudden selling pressure.
Despite the sharp decline, trading activity has surged. Daily volume jumped over 648% to $128 million, showing heavy participation as traders reacted to the sudden move. The most active trading pair, BTR/USDT on Bitget, alone recorded nearly $29 million in volume.
Bitlayer’s crash came from a mix of heavy selling and leveraged positions getting wiped out at the same time. After the earlier hype and price run-up, early holders and airdrop participants started booking profits, which added strong sell pressure.
In this regard, an user on X claimed that Bitlayer may have turned into another rug pull following its sharp crash, noting that the project had earlier attracted heavy attention from users trying to exploit its code for airdrops, and expressed concern for those affected.
Since BTR is still a relatively new and volatile asset, the move became more extreme, especially as the broader crypto market also turned weak, dragging sentiment down further.
BTR previously reached an all-time high of $0.2372 but is now trading over 82% below that level. At the same time, it remains about 72% above its all-time low of $0.02352, placing it in a mid-range zone after the recent crash.
According to data from CoinCodex data analysis, short-term projections show continued weakness. Price is expected to trend lower toward the $0.031–$0.032 range within days, marking a potential drop of over 25% from current levels.
Near-term forecasts for the next few days show gradual declines, with price targets stepping down from $0.041 toward $0.031 by the end of the week. This indicates that the market has not yet found a stable bottom.
Overall, Bitlayer is currently facing intense short-term pressure, marked by a steep price drop and high volatility. While near-term projections point to further downside, medium- and long-term forecasts suggest recovery and significant upside.
For now, BTR remains a high-risk asset, with price direction heavily dependent on market stability and broader adoption of Bitcoin Layer 2 solutions.
The sudden 78% drop was driven by a wave of heavy selling from early holders and airdrop participants taking profits, which triggered widespread leveraged position liquidations and intensified the downward pressure.
While some users on social media have raised concerns, the project is backed by major investors like Polychain and Franklin Templeton. The sharp drop appears driven by market dynamics rather than an exit scam, but caution is advised with new volatile assets.
Short-term forecasts suggest continued weakness toward the $0.031 range, but medium- and long-term projections point to potential recovery, largely depending on broader market stability and adoption of Bitcoin Layer 2 solutions.
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