coinjournal.net
Bitcoin price tanked more than 7% on Tuesday morning as the bloodbath across the crypto market pushed altcoins deep into correction territory.
$BTC reached lows of $62,438 as bears threatened to plunge prices to the $60k level.
$BTC price near key level as alts bleed
As the benchmark cryptocurrency struggled, altcoin bloodbath also intensified. Ethereum, Solana, $BNB, Cardano and Avalanche all fell double digits, with $ETH dipping to $3,200, SOL to $172 and $BNB to $502. Cardano and Avalanche dropped to $0.59 and $55 respectively.
According to data from Coinglass, a total of 242,841 traders had been liquidated in the past 24 hours (as at 7.40 am ET on Tuesday).
The total liquidations stood at over $651 million, longs the hardest hit at over $538 million and shorts at $113 million. $BTC accounted for over $190 million in liquidated longs in the past 24 hours, while $ETH accounted for over $126 million.
Data showed the largest single liquidation order occurred on the OKX exchange and involved the $BTC/USDT-SWAP at a value of $12.25 million. Earlier in the day, a whale had dumped 400 $BTC on the BitMEX exchange, plunging Bitcoin’s price to $8,900.
While prices across major exchanges remain above $60k, crypto analyst Ali suggests $BTC could tank to support at $56k or even $51k. the key support level beneath current levels is $61,100, the analyst noted.
“Some of the key Bitcoin support levels to watch are $61,100, $56,685, and $51,530. On the other hand, critical resistance points for $BTC stand at $66,990 and $72,880,” Ali posted on X on Tuesday.
Some of the key #Bitcoin support levels to watch are $61,100, $56,685, and $51,530. On the other hand, critical resistance points for $BTC stand at $66,990 and $72,880. pic.twitter.com/VUjzyf2xVm
— Ali (@ali_charts) March 19, 2024
Bitcoin’s recent spike to an all-time high of $73,737 pushed its market cap to above $1.4 trillion. The flagaship cryptocurrency’s value elevated it above Meta and Silver into world’s eighth most valuable asset.
Today’s declines have pushed $BTC down to 10th with a market cap of $1.23 trillion. Data shows Silver is eighth with $1.41 trillion and Meta ninth with $1.26 trillion.