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Bitcoin and crypto prices today regained bearish market momentum following significant gains seen over the weekend.
At this point, Bitcoin (BTC) stalled above $55,000 after falling to $54,300 levels, while Ethereum (ETH), Solana (SOL), XRP and the broader market also followed the decline.
ETH and the largest altcoin prices fell between 5% and 8%, while only Notcoin (NOT) and Starknet (STRK) experienced small gains.
On the other hand, PEPE became the crypto that lost the most with a decrease of 11.1% in the last 24 hours, followed by Jupiter (JUP) and Dogwifhat (WIF).
According to Coinglass data, while leveraged positions worth $279.3 million were liquidated in the last 24 hours, $113 million of this consisted of short positions and $165.7 million consisted of long positions.
The largest liquidation was seen in Bitcoin with $115.9 million, followed by ETH with $50 million and Solana with $15 million.
While 80,633 investors were liquidated in the last 24 hours, the largest single liquidation took place on the BTC/USDT trading pair worth $22.24 million on the OKX exchange.
80,633 investors were liquidated in the last 24 hours, the total liquidation amount is $279.32 million. The largest single liquidation order OKX – BTC-USDT-SWAP value is $22.24M.
Why Is Bitcoin Falling?
For Bitcoin price, uncertainty in the cryptocurrency market, possible selling pressure from the German government and Mt. Some negativities continue, such as over 100 thousand creditors waiting for cryptocurrency funds from the Gox bankruptcy estate.
In the face of this selling pressure and uncertainty, investors’ anxiety about whether there will be a further decline is increasing.
At this point, Lin Chen, Asia Business Development Head of Deribit, the largest options exchange, argued in his assessment that if the US markets show growth on July 8, BTC may see a bottom.
Lin Chen, who shared X, said that although the Bitcoin price experienced a slight recovery over the weekend, market sentiment is still stagnant this week.
Stating that attention should be paid to the US stock market openings on Monday for BTC, Chen said, “If the stock markets rise again, the bottom wave in Bitcoin may end and BTC may potentially find a bottom.”
*This is not investment advice.
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