Recently, the cryptocurrency market has turned red once again today, as top assets like Bitcoin, Ethereum, and XRP have all faced steep declines. Particularly, Bitcoin led the drop with prices slipping under $112,000, while ETH/USD and XRP/USD followed suit with significant corrections of their own.
Therefore, with liquidations mounting and strong bearish sentiment spreading, today’s market highlights why caution remains critical.
The chart reveals that the Bitcoin price today fell by 2.13%, extending its streak of bearish candles as BTC/USD dropped to $111,111.
This has marked a decisive break below $112,000, driven by a recent wave of whale sell-offs. According to data, over 24,000 BTC, which are worth approximately $2.7 billion, were offloaded, and this sparked heavy liquidations across exchanges.
CoinGlass data revealed that $837.92 million in liquidations occurred in the past 24 hours alone, with $672.62 million in longs wiped out.
Whereas the data shows, the single largest liquidation happened on OKX’s BTC-USDT-SWAP pair, valued at $12.49 million.
This sudden selling pressure pushed Bitcoin price closer to its key May support level near $110,000, raising concerns of a possible slide toward $101,000 if that zone is breached.
On the BTC price chart, the asset recently broke down from an ascending wedge formation, further worsening investors’ and traders’ fears. Therefore, with the BTC price USD now 10.2% away from its all-time high of $124,533, market sentiment remains fragile.
Coming to the second top crypto asset -Ethereum, it is also busy following Bitcoin’s footsteps today, losing 3.85% in the past 24 hours.
Currently, the ETH price today trades at $4,597, pulling back from its recent all-time high of $4,955. Despite outperforming Bitcoin in relative strength, ETH/USD could face further short-term weakness.
Technical indicators suggest Ethereum may revisit $4,151 before stabilizing. The rejection near $5,000 shows that Ethereum’s rally is heavily affected by today’s Bitcoin performance, and there’s no guarantee that it won’t be affected by BTC in the future.
Still, ETH has demonstrated resilience, and odds remain that it could lead the recovery once broader market conditions improve.
Coming to the third most powerful crypto asset, XRP also mirrored the downturn, with the XRP price today down 2.55% at $2.9484.
The XRP/USD has been trending lower since mid-August, and Bitcoin’s correction only accelerated the decline. Traders are now eyeing August’s low of $2.74, with the possibility of a retest near $2.40 if selling pressure intensifies.
This move underlines how closely the altcoins remain tied to Bitcoin’s market swings, and today’s decline confirms those ties.
Despite earlier optimism around XRP’s trajectory, the recent wave of liquidations and risk-off sentiment has weakened its outlook in the near term.
Major assets like Bitcoin led a decline, triggering over $837M in liquidations. Significant whale sell-offs of 24K BTC created strong selling pressure.
Whales offloaded over $2.7B in BTC, sparking a market-wide sell-off. $672M of the $837M in liquidations were long positions.
Recovery timing is uncertain. Analysts suggest holding key support levels (like $110K for BTC) is crucial for a rebound. Historically, such corrections are often followed by recovery.
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