Bitcoin drops to $90K, over $1B in liquidations amid market turmoil
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Bitcoin (BTC) has suffered a sharp decline, falling to $90,000, its lowest level since mid-January. This marks a $9,000 loss since Friday, triggering widespread liquidations across the market.
Key Drivers Behind the BTC Drop
Crypto Market Shock: Bybit Hack
The downturn comes in the wake of the largest hack in crypto history, in which $1.4 billion—primarily in ETH—was stolen from Bybit. The incident has intensified investor anxiety, contributing to BTC’s sharp decline.
SEC-Related Volatility
Bitcoin had initially surged to $99,500 on Friday, buoyed by positive developments from Coinbase regarding its ongoing SEC litigation. However, the rally was short-lived, with selling pressure taking over the market.
Altcoins Take a Bigger Hit
While BTC's decline is severe, altcoins have suffered even more. ETH, DOGE, SOL, LINK, ADA, XRP, XLM, AVAX, and LTC have all posted double-digit losses, reflecting broader market uncertainty.
Liquidations Top $1 Billion
$950 million of the liquidations came from long positions, as traders betting on a rebound were wiped out.
The largest single liquidation occurred on Binance, worth $15 million.
Over 310,000 traders have been liquidated in the past 24 hours, according to CoinGlass data.
What’s Next for Bitcoin?
Support and Resistance Levels
$90,000 is now a key support level—any break below could send BTC towards $85,000.
If bulls regain control, BTC must reclaim $94,000-$96,000 to signal a potential recovery.
Market Sentiment
Despite the crash, some analysts remain unfazed, viewing this as a healthy correction rather than the start of a prolonged downtrend.
Regulatory Uncertainty
Ongoing SEC scrutiny and heightened security concerns could weigh on the market in the near term, while macroeconomic factors and Fed rate expectations will also play a role.
Bottom Line
Bitcoin’s plunge to $90,000 has triggered a wave of liquidations exceeding $1 billion, wiping out long traders across the board. While market conditions remain volatile, traders will closely watch BTC’s next move around critical support levels to gauge whether further downside is ahead.
Key Drivers Behind the BTC Drop
Crypto Market Shock: Bybit Hack
The downturn comes in the wake of the largest hack in crypto history, in which $1.4 billion—primarily in ETH—was stolen from Bybit. The incident has intensified investor anxiety, contributing to BTC’s sharp decline.
SEC-Related Volatility
Bitcoin had initially surged to $99,500 on Friday, buoyed by positive developments from Coinbase regarding its ongoing SEC litigation. However, the rally was short-lived, with selling pressure taking over the market.
Altcoins Take a Bigger Hit
While BTC's decline is severe, altcoins have suffered even more. ETH, DOGE, SOL, LINK, ADA, XRP, XLM, AVAX, and LTC have all posted double-digit losses, reflecting broader market uncertainty.
Liquidations Top $1 Billion
$950 million of the liquidations came from long positions, as traders betting on a rebound were wiped out.
The largest single liquidation occurred on Binance, worth $15 million.
Over 310,000 traders have been liquidated in the past 24 hours, according to CoinGlass data.
What’s Next for Bitcoin?
Support and Resistance Levels
$90,000 is now a key support level—any break below could send BTC towards $85,000.
If bulls regain control, BTC must reclaim $94,000-$96,000 to signal a potential recovery.
Market Sentiment
Despite the crash, some analysts remain unfazed, viewing this as a healthy correction rather than the start of a prolonged downtrend.
Regulatory Uncertainty
Ongoing SEC scrutiny and heightened security concerns could weigh on the market in the near term, while macroeconomic factors and Fed rate expectations will also play a role.
Bottom Line
Bitcoin’s plunge to $90,000 has triggered a wave of liquidations exceeding $1 billion, wiping out long traders across the board. While market conditions remain volatile, traders will closely watch BTC’s next move around critical support levels to gauge whether further downside is ahead.