In the last 24 hours, the crypto market witnessed severe fluctuations, resulting in over $440 million in liquidations of leveraged positions. Ethereum 
$2,346 led the pack with more than $170 million in liquidations, followed by Bitcoin 
$75,023, which saw $101 million affected. These drastic changes underscore the fragile nature of the ongoing upward trend in the market.
Dominance of Long Liquidations in Major Cryptos
CoinGlass’s liquidation map highlighted long position liquidations in significant cryptocurrencies like Bitcoin and Ethereum. Meanwhile, short position liquidations dominated among medium-sized cryptocurrencies. The majority of these liquidations were concentrated on platforms like Bybit and Binance. The sudden spurts in liquidation volumes have particularly heightened the pressure on investors utilizing leverage, altering the market landscape.
Since Bitcoin dropped below $118,000, it has struggled to maintain the lower support levels. Currently trading within the $111,000–$114,000 range, Bitcoin found temporary support at the 100-day moving average. The Relative Strength Index (RSI) indicator’s cooling off from its peak thresholds changed market sentiment, stabilizing around the 53 mark. Bitcoin’s next significant challenge is expected near the $110,000 level; failing this, the price could retract to the $104,000 support.
Noticeable Fragility in Ethereum’s Movements
Ethereum dropped sharply from over $4,700 to around $4,100. This correction returned the RSI indicator to a neutral zone, although the liquidation volumes suggest a weakening buying strength. Should sell-offs intensify, the $3,600 price level could come into play. The primary defense line is the 50-day exponential moving average at $4,040. Despite these challenges, Ethereum stands out as one of the strongest cryptocurrencies in terms of demand and blockchain activity, giving it a stronger medium-term outlook compared to its peers.
Additionally, the ripple effect of these liquidations impacted large-cap cryptocurrencies like XRP and Solana 
$89, which collectively saw over $30 million in liquidations. The reduction in leveraged positions in recent days has brought risk management to the forefront, laying the groundwork for continued volatility in the market.
