Major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) plunged to multi-month lows on Thursday, erasing all gains recorded since Donald Trump\u2019s victory in the US presidential election in November 2024. The sell-off intensified risk aversion across digital assets, triggering large-scale liquidations and renewed concerns over market stability.<\/p>\n
Bitcoin fell sharply to the $60,000 level during early Friday trading, its lowest point since November 2024. Ethereum retested the $1,750 support zone, while XRP slid to $1.11, extending its recent downtrend. All three assets have now recorded double-digit corrections, with no clear signs of an immediate rebound.<\/p>\n
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Bitcoin posted a 10% decline on Thursday alone, marking one of its steepest daily losses in recent months. The sell-off wiped out more than $350 billion from the total cryptocurrency market capitalization within hours, underscoring the scale of panic-driven selling.<\/p>\n
Data from CoinGlass shows that the downturn triggered $2.62 billion in liquidations across leveraged positions. Long traders bore the brunt of the losses, with $2.14 billion liquidated, while short positions accounted for $465 million. The single largest liquidation occurred on Binance, where a trader lost $12.02 million on the BTC-USDT pair.<\/p>\n
The aggressive unwind in leverage has pushed Bitcoin\u2019s derivatives Open Interest (OI) down to $95.73 billion, extending a steady decline from its October 7 peak of $233.50 billion. The long-to-short ratio, currently at 0.9594, indicates that bearish positions now outnumber bullish bets in the short term.<\/p>\n
Institutional sentiment has also weakened noticeably. US spot Bitcoin ETFs recorded outflows of $258 million on Thursday, taking total monthly outflows beyond $500 million. This marks the third consecutive month in which ETF outflows have exceeded $6 billion, signaling reduced institutional confidence during heightened volatility.<\/p>\n
Analysts note that until leverage is further flushed out and volatility stabilizes, Bitcoin is likely to continue trading in line with broader risk assets rather than acting as a defensive hedge.<\/p>\n
On the BTC\/USD 4-hour chart, the sharp sell-off has created an inefficient price structure. Bitcoin has left an efficiency gap near the $72,900 region, which bears may attempt to revisit to absorb liquidity before any further downside.<\/p>\n
At the time of writing, Bitcoin is trading near $65,650, down 7.9% in the last 24 hours. If the correction deepens and the efficiency level is ignored, prices could slide toward the weekly support near $54,800.<\/p>\n
Momentum indicators remain deeply bearish. The Relative Strength Index (RSI) stands at 23, placing Bitcoin firmly in oversold territory. Meanwhile, the MACD has maintained a bearish crossover since January, reinforcing downside pressure.<\/p>\n
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Despite the severity of the correction, analysts do not rule out a short-term recovery following the aggressive leverage flush. Oversold conditions could support a rebound, with $72,000\u2013$73,000 emerging as a key recovery zone if buying interest returns.<\/p>\n
For now, however, Bitcoin and the broader crypto market remain vulnerable, with traders closely watching whether risk sentiment stabilizes or further downside unfolds.<\/p>\n","protected":false},"excerpt":{"rendered":"
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