Mass Liquidation Hits Crypto Market: Bitcoin and Ethereum Bulls Charge Ahead!

Mass Liquidation Hits Crypto Market: Market Leaders Trigger $879M in Liquidations!

One of the largest liquidation events to hit the cryptocurrency market since 2021 recently wiped away over $879 million from leveraged holdings, devastating short sellers. The market’s attitude was abruptly altered as market leaders Ethereum and Bitcoin started a violent attack against bears. After breaking through the psychological barrier of $100,000, Bitcoin proceeded to surge toward $104,000 before running into some minor resistance.

Bitcoin’s Strong Rally Destroys Short Positions: Price Eyes $104K Resistance!

Traders who were betting against the rally were totally destroyed by this action, which also liquidated hundreds of millions of short bets. The price action of Bitcoin is obviously strong, as seen by a strong uptrending volume and an RSI that is comfortably in positive territory. While the support zone around $93,000 now serves as a critical floor that may support further highs, resistance just above $104,000 remains a short-term barrier.

Ethereum Stuns Traders with a 31% Surge, Shattering EMA Barriers!

The real surprise, however, was Ethereum. In less than 48 hours, ETH, which usually lags behind Bitcoin in these rallies, surged by about 31%, breaking through multiple EMA resistances and rising past the $2,300 level. Many traders were taken aback by its abrupt and intense velocity. The 200 EMA, which often signals a long-term bullish reversal, was easily broken by the asset.

Ethereum Surpasses Bitcoin in Liquidations: $438 Million Wiped Out in Historic Event!

On the liquidation charts, Ethereum’s $438 million total even surpassed Bitcoin’s $363 million, an odd but intriguing difference that emphasizes how undervalued ETH’s upside potential was. This historic liquidation event highlights a key dynamic: short positions with excessive leverage become more vulnerable in inherently optimistic situations.

Massive Liquidation Shake-Up: Bitcoin and Ethereum Poised for Explosive Gains!

The enormity of the harm was demonstrated by the fact that 248,000 dealers were liquidated in the last day. If this trend continues and retail inflows rise, Bitcoin may eventually consolidate above $100,000, while Ethereum may strive for a march toward $2,800 and beyond. If economic headwinds don’t intervene and the bears stop bleeding, this might be the beginning of a more extensive market squeeze.

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