📉 Massive Liquidations Hit the Market
Bitcoin dropped 7%, falling to $97,905, sparking $881M in liquidations. Over 316,000 traders were affected, with $820M wiped from long positions. The largest single liquidation occurred on HTX, totaling $98.46M.
đź“Š Market Sentiment Turns Neutral
The Crypto Fear and Greed Index now reads 55, indicating a “Neutral” market outlook. Traders are becoming cautious, with many shifting to short positions, anticipating further declines.
⚠️ Bitcoin Faces Critical Support
Bitcoin is testing its key $98,000 support. Losing this level could lead to a deeper correction, erasing recent gains. The upcoming FOMC meeting on January 29 adds pressure, with predictions suggesting $BTC might dip to $70K before rebounding to $250K.
đź’Ą Altcoins Take a Hit Too
Altcoins were not spared, with Ether (ETH) losing $110M in liquidations. Solana (SOL), XRP, Dogecoin (DOGE), and Chainlink (LINK) all saw double-digit losses, contributing to the market’s broader downturn.
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