Bitcoin bottom hunters face fresh selling pressure after a $1.3 trillion crypto rout wiped out market support, triggering fears of an extended bear market.
Bitcoin’s price plummeted as part of a $1.3 trillion total crypto market rout, with leveraged long liquidations accelerating the decline. Key support levels were breached, triggering stop-loss cascades and draining confidence from bottom hunters. The article highlights that fresh pain looms as momentum indicators signal further downside.
Bitcoin faces heavy selling pressure and broken technical support, suggesting further declines may occur before stabilization.
Given the ongoing rout and risk of capitulation, waiting for a confirmed reversal pattern could reduce risk of catching a falling knife.
Analysts point to the next major support at the 2024 low, with a break below that level potentially opening the door to deeper losses.
A $1.3 trillion cryptocurrency market rout has bitcoin bottom hunters retreating, fearing that the worst isn’t over. Selling pressure accelerated as technical support levels crumbled, with analysts pointing to further downside risks. The carnage wiped out speculative froth from the altcoin market, dragging the total market cap below key thresholds.
A combination of technical breakdowns, mass liquidations of leveraged longs, and macro headwinds such as tightening regulatory scrutiny and reduced risk appetite fueled the sell-off.
With key support levels broken, selling momentum could accelerate, and many traders expect another leg down before a meaningful bottom forms.
This rout ranks among the largest percentage drops in total market cap, drawing comparisons to the 2018 bear market and the 2022 FTX collapse, though its catalyst differs.