Crypto Market Crash Wipes Out $160M in Liquidations Amid Bearish Pressure

The cryptocurrency market started the week with a sharp downturn as Bitcoin, Ethereum, and Solana fell from their recent highs. Close to $160 million in leveraged positions were liquidated across major exchanges, affecting over 87,000 traders. Market sentiment remains bearish following President Donald Trump inauguration, with Bitcoin struggling to maintain key support levels.

Mass Liquidations Hit Crypto Traders as Market Continues to Slide

The cryptocurrency market has faced a significant correction, leading to widespread liquidations as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other major assets retreat from their January peaks. Data from CoinGlass reveals that approximately $160 million in leveraged positions were forcefully closed across centralized exchanges in the past 24 hours, leaving thousands of traders with substantial losses.

The downturn comes amid growing uncertainty in the macroeconomic environment and shifting investor sentiment following the inauguration of pro-crypto President Donald Trump. While optimism initially surrounded his policies favoring digital assets, market participants have been unable to sustain the previous rally, leading to increased selling pressure across the board.

Bitcoin’s Price Struggles Under Bearish Pressure

Bitcoin, the world’s largest cryptocurrency, has dropped nearly 2% in the last 24 hours, now trading around $96,000, a significant decline from its record high of $109,000 just weeks ago. The decline has resulted in a 6% loss over the past month, reflecting broader instability in the crypto sector.

With a market capitalization of $1.9 trillion, Bitcoin remains the dominant digital asset, but persistent selling pressure and high liquidation levels have dampened bullish momentum. The latest market crash forced approximately $22 million in Bitcoin liquidations, with $21 million coming from long positions and $1.37 million from shorts.

Analysts suggest that Bitcoin must maintain critical support levels near $95,000 to avoid further downward momentum. Failure to hold this support could open the door to additional losses, potentially dragging BTC toward $90,000 in the short term.

Altcoins Follow Suit: Ethereum, Solana, and Binance Coin Suffer Losses

Ethereum (ETH), the second-largest cryptocurrency by market cap, has also taken a significant hit, dropping to $2,733. The recent decline has triggered $20 million in ETH liquidations, with $15 million coming from long positions. Ethereum has been struggling to find strong buying support, adding to concerns about broader market weakness.

Other major altcoins, including Solana (SOL) and Binance Coin (BNB), have also seen steep declines. Solana, currently priced at $178.2, saw $16 million in liquidations, while Binance Coin lost $1.5 million due to market turbulence.

Additionally, Trump’s meme coin, TRUMP (TRUMP), which had surged after his election victory, faced nearly $5 million in liquidations, proving that even politically linked meme coins are not immune to market corrections.

Largest Liquidations and Exchange Data

According to CoinGlass, the largest single liquidation order was recorded on Bybit, where a trader lost $1.6 million in the BTC/USDT trading pair. This highlights the high-risk nature of leveraged trading, where sudden market shifts can lead to massive forced liquidations.

The hardest-hit exchange during this downturn was Binance, which accounted for over 35% of total liquidations. Other major platforms such as Bybit, OKX, HTX, Bitfinex, and BitMEX also experienced significant liquidation volumes, further emphasizing the widespread impact of the market correction.

What’s Next for the Crypto Market?

The recent downturn has raised concerns about whether the market can recover its bullish momentum or continue facing downward pressure. Analysts believe that Bitcoin’s ability to hold the $95,000 support level will be crucial in determining the next move for the broader crypto market.

If Bitcoin stabilizes and demand returns, a recovery toward $100,000 could be possible. However, if selling pressure intensifies, a drop below $90,000 could trigger additional liquidations, pushing the market further into bearish territory.

Traders and investors remain cautiously optimistic but are closely watching key support levels and macro developments that could influence sentiment in the coming weeks.

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