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Gigantic Cryptocurrency Liquidation Hits $879 Billion: Market вЂ˜Bears’ Inflict Chaos
CryptoMarketMayhem The crypto market just witnesses one of the biggest liquidation events in recent history, wiping out a whopping $879 million from leveraged positions, leaving short-sellers quivering. Bitcoin and Ethereum launched a relentless assault on bears, shifting the market's mood in an instant. Bitcoin surged toward $104,000 after breaching the psychological barrier of $100,000, encountering limited resistance.
This rampage eliminated traders who were betting against the rally, liquidating hundreds of millions in short positions. The market's robust uptrend, rising volume, and an RSI comfortably in bullish territory confirm Bitcoin's strength. Resistance slightly above $104,000 continues to be a short-term hurdle, while the support zone around $93,000 now serves as a crucial foundation for potential additional growth.
Ethereum, however, was the real shocker. Typically lagging behind Bitcoin in these rallies, ETH sprang into action, skyrocketing by nearly 31% in under 48 hours, annihilating several EMA resistances and soaring past the $2,300 mark. Its sudden and powerful surge caught many traders off guard. Without hesitation, the asset shattered the 200 EMA, signifying a long-term bullish reversal.
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The Odd Divergence: Bitcoin vs. EthereumEthereum's $438 million total liquidation even overshadowed Bitcoin's $363 million on the liquidation charts, highlighting an unusual yet interesting divergence. This odd occurrence emphasizes Ethereum's undervalued upside potential compared to Bitcoin.
Long-term market dynamics indicate that in a structurally bullish market, over-leveraged short positions become increasingly vulnerable. As Bitcoin potentially consolidates above $100,000, retail inflows increase, and Ethereum eyes a march toward $2,800 and beyond, a broader market squeeze could ensue unless external bearish factors intervene.
Bitcoin- Current Support: $90,000–$92,000- Next Resistance: $108,000–$109,000- Short-Term Target: $100,000–$108,000- Long-Term Potential: $100,000–$200,000
Ethereum- Current Support: $2,100–$2,800- Next Resistance: $3,000–$3,500- Short-Term Target: $3,300–$3,500- Long-Term Potential: $10,000 (parabolic)
Disclaimer: The opinions expressed within this article are the writers' own and do not represent the views of U.Today. The financial and market information provided within this article is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Please conduct your own research by consulting financial experts before making any investment decisions. Information provided within this article may not remain accurate as the cryptocurrency market is dynamic and fast-paced, with liquidation events and market volatility not uncommon.
- The recent liquidation event in the crypto market, worth $879 million, was not only a massive hit for Bitcoin with $363 million in short positions, but also for Ethereum, with an astonishing $438 million, indicating a potential undervalued upside for Ethereum compared to Bitcoin.
- Bitcoin, currently trading above $100,000, has shown robust strength, with a rising volume and an RSI comfortably in bullish territory, signifying potential additional growth, especially around the $93,000 support zone.
- Ethereum, on the other hand, launched a spectacular rally, surging past the $2,300 mark and even shattering the 200 EMA, indicating a long-term bullish reversal, setting short-term targets around $3,300–$3,500 and long-term potential aiming at $10,000.
- The ongoing bull run, driven by increasing retail inflows, could potentially lead to a broader market squeeze, with Ethereum eying a march toward $2,800 and beyond, unless external bearish factors intervene.
