Bitcoin has fallen below the $98,000 mark, cryptocurrency market faces a sharp decline
The #bitcoin price has fallen below the critical $98,000 mark and is currently trading at $97,800, down 4.15% in the last 24 hours
with this drop, Bitcoin's market capitalization has reached $1.93 trillion in the last 24 hours, with a trading volume of $52 billion, indicating an increase in market activity amid the drop.
According to Coin Glass, positions worth 3,389.93 million USD were liquidated in the last 24 hours, with longs accounting for the majority of positions totaling 331.23 million USD and shorts totaling 57.7 million USD. Bitcoin alone accounted for $73.09 million of liquidations, highlighting its key role in the broader market turbulence.
According to a one-day technical analysis of the trading point of view, bullish sentiment still persists. Moving averages are showing "buy" at 14, "strong buy" at 12 and oscillators at 7.
#Ethereum also suffered heavy losses, trading at US$3,460 after falling 7% over the same period. The second largest #cryptocurrency has a market capitalization of US$416 billion and a trading volume of US$26 billion in the last day, indicating a strong sell-off.
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