As crypto liquidations soar to a staggering $134 million in the last 24 hours, traders are bracing for further volatility, particularly in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) prices. The relentless sell-offs contribute to mounting pressure on the market.
Crypto Trading Volume Hits Seven-Month Low
Amidst the tumultuous market conditions, total crypto trading volume has plummeted to its lowest level in seven months, indicating the pervasive influence of bearish sentiments. Data from CCData reveals a significant 44% drop in trading volume, from $9.12 trillion to $6.58 trillion, compared to the peak in March.
Impact on Bitcoin, Ethereum, and Solana
Hovering below $62,000, Bitcoin faces a bearish outlook following its post-halving peak above $67,000. Ethereum struggles to maintain support below $3,000, while Solana resumes its downtrend after briefly breaching $150.
Top 3 price predictions | Crypto liquidations
Liquidations have become commonplace in the crypto market, with long positions suffering losses of $90.5 million and shorts losing approximately $43.81 million in the last 24 hours. Notably, Bitcoin and Ethereum witnessed the highest liquidations, totaling roughly $35 million and $18.3 million, respectively.
Short-term Outlook for BTC, ETH, and SOL
Bitcoin price chart | Tradingview
Traders closely monitor support levels and technical indicators to gauge short-term market movements. For Bitcoin, maintaining support at $61,000 could signal a potential bottom, with a bounce-back anticipated if the price holds steady. Ethereum faces a critical battle to reclaim support above $3,300 or defend the $2,900 level. Solana’s price decline may find support at $140, but further losses could extend to $130 and $120.
Seeking Stability Amidst Volatility
As traders navigate the uncertain terrain of the crypto market, stability remains elusive. Key support levels and technical indicators offer insights into potential price movements, but market sentiment continues to dictate overall trends.
The cryptocurrency market grapples with heightened volatility and uncertainty with liquidations on the rise and trading volume at a seven-month low. Traders closely monitor Bitcoin, Ethereum, and Solana prices, seeking signs of stability amidst ongoing market turbulence.
