A fresh wave of selling has rippled through the market, pushing Bitcoin (BTC) and Ethereum (ETH) below closely watched price levels and triggering another round of large-scale liquidations.
What began as a gradual pullback has turned into a broad deleveraging event, as weakening momentum, fading institutional demand, and cautious sentiment combine to pressure prices across major digital assets.
Bitcoin has been trading around the $70,000–$71,000 range after briefly slipping to levels last seen in late 2024. Ethereum has followed a similar path, falling toward $2,100 and briefly testing lower intraday levels. As prices broke through technical support zones, leveraged positions were forced out, accelerating losses.
Data from multiple tracking platforms shows that more than $860 million worth of crypto positions were liquidated within a 24-hour period, with Bitcoin accounting for the largest share. Long positions dominated the wipeout, highlighting how heavily traders had been positioned for upside before the drop.
Bitcoin’s move below its 365-day moving average has added to bearish signals. On-chain analysts note that since falling below this long-term trend line in November 2025, BTC has declined at a faster pace than during comparable phases of the 2022 bear market.
Market participants are now watching the $70,000 level closely. Some analysts see it as potential support, while others warn that a sustained break could open the door to a deeper move toward the $60,000 region if sentiment fails to stabilize.
Ethereum Deleveraging Adds to Downside PressureEthereum has not been spared from the turmoil. ETH-related liquidations have exceeded $200 million in recent sessions, as the price dipped toward the $2,000 mark.
This deleveraging has shifted attention to potential risk zones between $1,576 and $1,682, where forced liquidations could cluster if prices continue to slide.
Sentiment Weakens Across the Broader Crypto MarketBeyond Bitcoin and Ethereum, major altcoins including BNB, Solana, and Dogecoin have posted daily losses of 6% to 11%. Total crypto market capitalization has fallen to around $2.4–$2.5 trillion, while open interest in derivatives markets continues to decline, signaling reduced risk appetite.
Cover image from ChatGPT, BTCUSD chart from Tradingview
