The crypto market experienced a significant sell-off, causing Bitcoin to drop to a low of $91,178 before bouncing back to over $95,000. Over $2.28 billion worth of liquidations occurred on derivatives markets, with $1.89 billion of bullish bets being liquidated in the last 24 hours. Bitcoin accounted for $450.55 million of these liquidations. The largest single liquidation order was valued at $38.78 million. Bitcoin has been declining since reaching highs of $106,484 on Jan. 30 and could experience its fourth consecutive day of losses. Analysts are closely tracking the critical support levels for Bitcoin, with $92,180 identified as a key level. If Bitcoin fails to hold this level, the next target could be $74,400. The MVRV Pricing Bands, which compare the market price of a crypto asset to its realized price, suggest periods of overvaluation or undervaluation. As Bitcoin fell below $100,000, short-term holders suffered losses, while long-term holders remained relatively unaffected. If BTC continues to trend lower, long-term holders may begin accumulating again, stabilizing prices and indicating confidence in future price increases.



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