Crypto bulls see $1.7 b liquidations as bitcoin swiftly nears $80K. The crypto market has been rocked by a wave of forced liquidations, with around $1.7 billion wiped out on futures exchanges in the past 24 hours. According to market-data aggregators, this comes as Bitcoin (BTC) approaches the USD 80,000 range, a level one analyst described as a “thin liquidity” zone that could trigger outsized moves.
Analysts say the asset is retracing rapidly after its recent highs, and the current liquidations appear to have come mainly from long positions, suggesting traders were over-leveraged amid what industry watchers now call “extreme fear” conditions. The Crypto Fear & Greed Index dropped to 11 this week, the lowest reading in years.
Despite the heavy sell-offs, some market observers point out that BTC could still bounce, arguing that the current sell-pressure may be reaching a climax. Others warn the failure to hold hold-levels around this range may signal deeper strain in crypto markets tied to ETF outflows, weakening derivatives liquidity and macro risk-aversion.
Crypto Market Update: Bitcoin slides below $98K amid US$1.1B liquidations
