Market Turmoil: Over $190M Wiped in 24 Hours
The crypto market witnessed another sharp shakeup, with over $190 million in leveraged positions liquidated in the past 24 hours. Triggered by geopolitical instability in the Middle East, the market faced rapid sell-offs, particularly affecting Bitcoin and major altcoins.
Bitcoin dropped nearly 4%, hitting a low near $102,664, as panic spread across risk assets.
Despite the downturn, there are now signs of a potential bounce as short sellers are being flushed out of the market.
Short Sellers Take the Heaviest Hit
Today’s wipeout wasn’t evenly distributed. Of the $191.32 million liquidated, short sellers accounted for $107 million, while long positions lost $83.1 million.
More than 58,000 traders were liquidated, with the largest single liquidation valued at $6.26 million on Bitcoin.
The liquidations of short positions are creating buy-back pressure, driving prices upward as traders re-enter the market to avoid missing the next move.
Altcoins Rebound Despite Uncertainty
While Bitcoin remains volatile, several altcoins and memecoins have started to climb. These small-cap and retail-driven tokens are often early indicators of risk sentiment shifting.
- Shiba Inu (SHIB): +4%
- Hyperliquid (HYPE): +4.5%
- Pi Network (Pi): +4.2%
- Litecoin (LTC): +3%
- PEPE: +3.6%
These gains suggest that dip buyers are stepping in, especially in altcoins with strong communities or momentum from earlier cycles.
Pattern Resembles Previous Rally Setup
Some analysts are pointing to a potential pattern repeat. During a similar geopolitical flare-up in April 2024, Bitcoin initially dropped but then surged 15% within 11 days, eventually rising 48% over two months.
“This sell-off could be setting the stage for another strong upward move,” one expert noted.
If support holds and short pressure continues to ease, another rally could form in the coming weeks.
Conclusion: Is the Bottom In?
While the crypto market remains volatile, the liquidation of short sellers, recovery of altcoins, and historical patterns are raising hopes of a reversal. If global tensions stabilize and technical support levels hold, this dip could soon be seen as the start of a fresh bull leg.