A total of $246.8 million in long positions was wiped out from exchanges over the past 24 hours. Amid the collapse of bullish bets across the crypto market, the largest single liquidation was not dominated by Bitcoin or Ethereum. Instead, the record for the largest liquidated position went to privacy coin Zcash ($ZEC).
Zcash has faced compounding consecutive pressures. The crypto asset recently saw $30 million in outflows from its ETF investment products - news that followed reports alleging its network was used to launder Bitget funds. Now, the flurry of negative headlines has culminated in heavy liquidations, further weighing down Zcash’s market performance.
Resistance Wall Above $87,000
Bitcoin, the market’s primary driver, also lost momentum and failed to hold its ground. The asset attempted a rally, reaching $87,220, but could not sustain itself above the $87,000 level. Bitcoin then corrected, slipping below $84,000. This failure to breach higher levels aligned with outflows from institutional players, with US spot Bitcoin ETFs recording $51.5 million in net outflows over the past three trading sessions.
Technical indicators confirmed a slowdown in buying power. Bitcoin’s daily Relative Strength Index (RSI) currently sits at 60.69, having dropped below its moving average line at 64.92. While still in positive territory, the decline indicates that buyer dominance is beginning to wane. The Aroon indicator also reflects sideways price action between recent highs and lows, with the Aroon Up at 21.43% and Aroon Down pinned at 0%. Meanwhile, the Awesome Oscillator remains above the zero line at 1,557.71, though the appearance of a recent red histogram bar snapped an ongoing streak of green bars.
Sell Signals Spill Over into Altcoins
Downside risks are not confined to Bitcoin. On-chain data revealed an ENA whale transferred 30 million tokens worth $6.98 million to Binance via BitGo. The transfer broke the dormant wallet’s inactivity after holding the tokens untouched for over a full year. Following the transaction, the whale retains a balance of 157.55 million $ENA, valued at approximately $36.74 million. Depositing long-held coins onto exchanges adds bearish pressure to an already strained altcoin market.
Fragile market conditions have left traders looking for a safe bottom. Crypto analyst Altcoin Sherpa explicitly highlighted $82,000 as a crucial support level for Bitcoin. “If we lose 82k, this could be really bad,” he wrote.
The line between a short-term correction and a deeper downturn now hinges on the strength of support at $82,000. As capital steadily flows out and technical metrics cool off, buyers must defend this threshold to prevent a full-scale trend reversal.
Source: @Cointelegraph on X.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
