The dominant trend is a significant market correction. Both Bitcoin (BTC) and Ethereum (ETH) experienced sharp price declines, leading to massive liquidations across the market.
*Price Action:** BTC fell below key levels, dropping from above $87,000 to under $85,000. ETH also broke below the $2,900 support level.
*Liquidations:** This volatility triggered substantial liquidations. According to the data, the total liquidation amount across all exchanges in the past 24 hours reached $798 million, with long positions accounting for a staggering $690 million. The largest single liquidation order was on Hyperliquid's BTC-USD pair, worth $31.64 million.
This high liquidation volume, especially on long positions, indicates that the market was heavily leaning bullish before the drop, and the subsequent sell-off caused a cascade of forced closures.#marketcorrection #majormarketdownturn #Liquidations #liquidationdata
