Crypto liquidations reached about $435 million over 24 hours, with Bitcoin and Ethereum traders absorbing the biggest losses. Bitcoin trades near $78,006 and tests a support zone between $76,000 and $78,000.
Around $435 million in positions were liquidated over the past 24 hours, as financial events coincided with a spike in volatility. Bitcoin (BTC) and Ethereum (ETH) took the biggest hit.
According to CoinGlass, total liquidations reached $440 million, hitting 91,821 traders. Longs lost $269 million, or 61.2% of the total, while shorts accounted for $171 million. Most of the pain therefore fell on traders betting on a rise.
Bitcoin tests key support
Bitcoin led with $163.8 million in liquidations, followed by Ethereum at $68 million. Other coins added $50 million in total.
BTC is trading around $78,006 after a pullback from its October highs near $87,000. It is now testing a support zone between $76,000 and $78,000, where the longer-term moving averages collide.
The closest resistance sits near $80,000-$82,000. If resistance breaks, new support should arise around $74,000 and possibly $70,000. Meanwhile, the Relative Strength Index (RSI) is slipping towards the lower half of its range, which prompts further weakness, though the market isn't extremely oversold yet.
Hyperliquid and Binance lead exchange liquidations
Hyperliquid saw around $39.84 million in liquidations over four hours, or 40.8% of the total for that period. Binance came next with $29 million, and OKX recorded $9.09 million.
The largest single liquidation was $5.03 million on Binance's ETHUSDT market. The liquidation numbers don't prove that outside events caused the sell-off, and traders cutting risk and using high leverage could make the swings bigger.
If Bitcoin holds the $76,000 support zone, the market might calm down. A breakdown, however, could bring another big wave of liquidations.
Source: U.Today
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