Bitcoin Breaks Key Support as BTC Liquidations Surge 300%

Bitcoin moved sharply lower after breaching a key technical support level, triggering a wave of forced selling across the derivatives market. The breakdown intensified market-wide deleveraging, pushing liquidations sharply higher amid already fragile sentiment.

Powered by Outset PR, this analysis reflects the agency’s commitment to strategic, data-backed communication for the crypto industry. 

Key technical levels give way

BTC fell below the 61.8% Fibonacci retracement level at $90,533 — a zone widely watched by traders as a potential reversal point. The decline also pushed price under its 30-day simple moving average near $91,100, flipping a previously supportive level into resistance.

The loss of these levels likely activated automated sell orders and stop-losses, accelerating downside pressure. When widely tracked technical thresholds fail, short-term traders often step in aggressively, compounding the move.

Liquidations spike as leverage unwinds

As prices slid, liquidations surged across the crypto market. Bitcoin-specific liquidations climbed nearly 300% in a single day, contributing to roughly $309 million in total crypto liquidations.

Source: coinmarketcap 

Such spikes typically reflect forced position closures rather than discretionary selling, suggesting that leveraged longs were caught offside as support levels broke. This type of deleveraging can amplify price moves in both directions, especially in periods of thin liquidity.

Sentiment remains fragile

Despite the sharp sell-off, sentiment indicators showed little improvement. The Crypto Fear and Greed Index remained low at 38, underscoring persistent caution among market participants.

At the same time, total crypto market capitalization fell by around 6%, indicating that the move was not isolated to Bitcoin but part of a broader risk-off shift across digital assets.

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Technical pressure drives the move

The latest drop appears less driven by new macro catalysts and more by technical triggers in a low-confidence environment. With sentiment already subdued, the breach of key support levels invited short-term traders to press the downside, reinforcing a cycle of liquidation-driven selling.

Near-term direction will likely depend on whether Bitcoin can stabilize above lower support zones or whether continued deleveraging keeps pressure on price. Until BTC reclaims lost technical structure, volatility is likely to remain elevated.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.