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Crypto liquidation wipes out $614M: BTC, ETH & DOGE hit hard – Details
The cryptocurrency market has been rocked by a massive wave of liquidations, with Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) all taking a significant hit. The total value of the liquidated funds stands at an astonishing $614 million.
According to reports, this unprecedented event has resulted in over 224,000 traders being impacted, with a staggering $236.87 million of those losses attributed solely to Bitcoin. Ethereum and Dogecoin have also been severely affected, with losses totaling $106.85 million and $21.79 million respectively.
The recent turmoil is largely attributed to the uncertainty surrounding Donald Trump’s unexpected Bitcoin Reserve order. The lack of clarity on a clear funding plan has left investors increasingly wary, dampening any hopes of a potential breakout.
As traders navigate this treacherous landscape, it appears that sentiment remains bearish, with a strong resistance level around $84,000 for Bitcoin. A failure to hold above this point could potentially send the asset price plummeting further towards $78,000.
Meanwhile, Ethereum’s RSI has dropped to 35.81, indicating oversold conditions, which may signal a potential rebound. However, the MACD remaining bearish suggests continued selling pressure. If ETH fails to hold at $2,000, it is likely that we will see further declines towards $1,900.
Dogecoin’s recent price action has been particularly egregious, dropping 21% in the last week alone. While an oversold condition has been reached with an RSI of 30.37, any hopes of a short-term recovery are being tempered by weak buying interest. If DOGE can hold above $0.16, it may be possible to see a minor rebound, but failure to do so could precipitate further losses down towards $0.14.
The ongoing debate surrounding Bitcoin’s dominance in the U.S. Strategic Reserve has also contributed to the current market volatility. Despite Cardano (ADA), Ripple (XRP), and Solana (SOL) being proposed for inclusion by Trump, industry leaders remain committed to a Bitcoin-first approach. The lack of any holdings in these alternative coins further solidifies this stance.
The uncertainty surrounding the proposal has led to increased skepticism, adding an extra layer of complexity to the already turbulent market environment.
Source: https://ambcrypto.com/crypto-liquidation-wipes-out-614m-btc-eth-doge-hit-hard-details
