Bitcoin ($BTC) is witnessing intense selling pressure on Saturday, falling below the $74,500 mark and triggering widespread liquidations across the broader cryptocurrency market. The sharp decline impacted leveraged traders heavily, while major altcoins also recorded significant losses in this correction wave. According to CoinMarketCap data, Bitcoin is currently trading at nearly $74,314, reflecting a 3.81% decline over the past 24 hours. During the downturn, the flagship cryptocurrency touched an intraday low of approximately $74,255.
Over $352M in Bitcoin Long Positions Liquidated, $SOL and $ETH Follow
The latest correction resulted in substantial losses for leveraged market participants. Data from Coinglass shows that nearly $352.99 million worth of Bitcoin long positions were liquidated over the last 24 hours. Overall crypto liquidations reached approximately $944.69 million, with long traders accounting for nearly $872 million of the total wiped-out positions.
Ethereum ($ETH) recorded the second-largest liquidation volume after Bitcoin. The leading altcoin dropped 5.01% to nearly $2,024, while long liquidations surpassed $243.74 million. At the same time, Solana ($SOL) declined 6.24% to around $81.96, triggering roughly $41.48 million in long liquidations. XRP ($XRP) also faced selling pressure, falling 4.33% to nearly $1.3069, alongside approximately $22.43 million in liquidated long positions. Other notable altcoins experiencing elevated liquidation activity include Dogecoin ($DOGE), Hyperliquid ($HYPE), and Sui ($SUI).
Market Correction Follows Period of Consolidation
The latest decline comes after Bitcoin traded within the mid-to-high $70,000 range over the past several days. Market analysts attribute the downturn to profit-taking activity, excessive leverage across derivatives markets, and broader investor caution. Current support levels for Bitcoin are reportedly positioned between the $72,000 and $73,000 range. Traders are closely monitoring whether BTC can stabilize above these levels amid continued market volatility.
Market Snapshot (24 Hours)
- Total Crypto Liquidations: $944.69M
- Long Liquidations: Nearly $872M
- Short Liquidations: Approximately $73M
- Bitcoin Long Liquidations: $352.99M
- Ethereum Long Liquidations: $243.74M
Cryptocurrency markets remain highly volatile, with leveraged positions continuing to face heightened liquidation risks. It is advised stay cautious and keep your investments safe.