- Bitcoin fell below $99K and touched $98.2K before recovering to trade slightly above $101K.
- ETH broke support and hit $2,115 before bouncing, but still stays below the $2,400 resistance.
- Over $693M was liquidated, and more than 181K traders lost their positions in one day.
Bitcoin plunged to $98,237.68, breaking below the critical $99K mark before rebounding to $101,222.39. Ethereum, on the other hand, also tumbled to $2,115.09, its lowest point in weeks. Within 24 hours, over 181,000 traders were liquidated, wiping out more than $693 million in positions, as reported by a market analyst. The largest single liquidation was a $35.45 million Bitcoin long on HTX. Market volatility spiked as war developments and economic updates collided to drive sentiment lower.
Bitcoin Recovers, But Trend Remains Under Bearish Grip
Bitcoin is currently trading at $101,222.39 after briefly hitting $98,237.68 earlier today. That drop tested the 1.0 Fibonacci retracement level at $98,166.71. Buyers managed to hold the line and trigger a bounce.
Source: TradingView
From its recent high of $111,381.29, Bitcoin has shed several support levels. Notably, it lost the 0.5 Fibonacci level at $104,774. Price remains under the descending channel marked by continuous lower highs and lower lows.
MACD readings indicate an ongoing downward pressure. The MACD line stands at -715.39, while the signal line is at -760.79. Increasing red bars show stronger bearish momentum. If Bitcoin fails to hold above $100,000, attention could shift to the 1.272 Fibonacci extension seen at $94,572.34.
Related: Bitcoin Leads the Market as Ethereum Slides Below EMA Levels
Ethereum Sinks Below Key Support Range
Ethereum (ETH) plunged to a multi-week low of $2,115.09 before bouncing to $2,237.90. This marks a slight 0.38% gain on the day. The fall breached the $2,496.90 0.5 Fibonacci level, confirming a breakdown from its earlier consolidation range.
Source: Tradingview
ETH had remained stable between $2,878.71 and $2,496.90 for weeks. That consolidation zone, clearly visible in the chart, has now been left behind. Ethereum trades beneath it and flirts with full retracement levels.
ETH at press time is hovering just above the $2,115.09 Fibonacci 0.0 zone. The MACD line was at an extreme low of -48.94, while the signal line was at -51.43. The histogram was exhibiting faint red bars fading away.
Unless ETH regains $2,391.18 (EMA resistance), recovery attempts could be short-lived. If momentum weakens again, prices may retest $2,000 or even enter the $1,900s.
Macro Triggers Add to Market Uncertainty
This liquidation wave came just as the week opened with geopolitical and economic catalysts. The U.S. airstrikes on Iran sparked fear across markets, which led to oil surging from $75 to $79 per barrel as global supply fears resurfaced. As the tension between Israel and Iran ramped up over the past week Bitcoin price fell nearly 5%.
There are a series of upcoming events during this week that market speculators watch to predict volatility. From Tuesday through Wednesday, Fed Chair Jerome Powell is expected to testify before Congress. Investors anticipate his remarks could shape the Fed’s next move. Meanwhile, market sentiment hinges on Friday’s release of the May PCE inflation report—the Fed’s favored metric for pricing pressures.
