- Ethereum and Bitcoin lost more than 2.5% within the past one hour as liquidations on exchanges surpassed $120 million.
- The massive liquidations fueled a bearish thesis among crypto investors.
- Crypto analysts trust Bitcoin will lose the support of $39,000 while ETH struggles beneath the $3,000 level.
BTC and ETH struggle to overcome their closest resistances as the crypto market downbeat triggers $120M in liquidations. 95% of these liquidations came from long positions in the top-2 crypto assets. Such developments led to a bloodbath on ‘Satoshi Street.’
BTC and ETH Ready to Plunge amid Massive Liquidation
Bitcoin and Ethereum recorded nearly 4% losses over the past 24 hours. That came as the crypto market recorded colossal liquidations within one hour. Data from Coinglass shows that $114 million (95%) of the liquidations came from BTC and ETH long positions.
Bitcoin saw its price plunging under the $39,000 support within an hour. Experts noted the drastic sell-off in the Asian session early on Monday as the driver behind the liquidations. The attitude among investors turned bearish as Bitcoin and Ethereum explored the recent lows.
Alts such as ADA and SOL saw sudden price declines amid deteriorated market sentiments. Most recorded liquidations came for long positions. For now, top assets in the crypto world trade with daily losses. The global cryptocurrency market cap hovers at $1.81 trillion.
Analysts have forecasted price declines in Ethereum and Bitcoin. Cryptocurrency experts at @TrendRidersTR trust BTC’s weekly close was under the rider band. Meanwhile, the analyst added that the world’s favorite crypto formed a higher low. That means a massive bears’ argument as market players extend profit-booking while the bias remains indecisive.
A renowned crypto expert @CryptoFaibik trusts BTC bulls have defended the support at $39,000. Nevertheless, losing grounds can see BTC sliding towards the weekly 100 Exponential Moving Average at $36,800. Crypto trader @ShardiB2 believes Ethereum may plunge further as the resistance near $3,043 means a massive hurdle for the alt.