The post Crypto Market Crash Deepens as Bitcoin Falls to $70K amid Bear Market Jitters appeared on BitcoinEthereumNews.com. The crypto market crash deepens, withThe post Crypto Market Crash Deepens as Bitcoin Falls to $70K amid Bear Market Jitters appeared on BitcoinEthereumNews.com. The crypto market crash deepens, with

Crypto Market Crash Deepens as Bitcoin Falls to $70K amid Bear Market Jitters

The crypto market crash deepens, with Bitcoin falling 7% to $70K lows and erasing all gains since crypto-friendly Donald Trump’s election as the US President. Top altcoins Ethereum (ETH), BNB, XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) tumble 6-10% over the past 24 hours.

Several headwinds, including a hawkish Fed outlook, whale capitulation, and bearish technical and on-chain data, are dragging the Crypto Fear & Greed Index further into extreme fear. Notably, $650 billion in crypto market cap is wiped out in a week, bringing the total plunge to $1.87 trillion since the October 10 market crash.

Gold and silver prices tanked more than 2% and 13% today after investors booked profits as the US dollar strengthened above 97.5 on Thursday.

Crypto Market Crash: Over $800M Liquidations in Bitcoin, ETH, XRP, BNB, SOL

As whales and institutions continue to liquidate their holdings and open short positions, the crypto market bloodbath has worsened. Coinglass data shows that an additional $800 million in liquidations occurred in the past 24 hours.

Over 165K traders were liquidated in the past 24 hours, with the largest single liquidated order of BTCUSDT worth $11.36 million on Hyperliquid. Over $650 million in long positions and $150 million in short positions were liquidated. The long positions liquidations continue occurring almost every hour during today’s crypto market crash.

ETH, BTC, SOL, XRP, SILVER perpetual, XAG, DOGE, XAU, ZEC, BNB, and ADA were among the most liquidated assets in the past 24 hours. Hyperliquid leads crypto long liquidations of $50 million over the last 24 hours, indicating massive liquidations of leveraged bets.

Crypto Liquidations Per Hour. Source: Coinglass

Bitcoin Plunges to $70K amid Bear Market Signals

While broader macroeconomic stress, including hawkish Fed and rate cut pause expectations amid Kevin Warsh’s nomination rattle markets, Bitcoin has also plunged to $70K lows.

BTC is crashing again amid the US-Iran geopolitical tensions. BTC options keep pricing elevated downside risk, with massive put volume over the past 24 hours. Bitcoin 25 delta skew is gradually falling and signals further downside risks.

Glassnode data points to bear market concerns as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Also, the 3D-SMA of Net Realized Profit & Loss is now down $317 million/day, a bear market regime last witnessed in December 2022. It warns that “loss realization has regained control, liquidity is fading, and patience is being tested.”

Bitcoin Realized Price. Source: Glassnode

Meanwhile, CryptoQuant research shows that on-chain indicators now confirm a bear market. The BTC Bull Score Index fell to zero from a high of 80 in October last year, signaling broad structural weakness.

Institutional demand has reversed, as evidenced by persistent outflows from spot Bitcoin ETFs, creating a 56K BTC demand gap. Spot Bitcoin ETFs saw outflows on Wednesday as BlackRock sells $373,800,000 in BTC.

BTC Bull Score Index. Source: CryptoQuant

Technical Indicators Predict Further Crypto Market Crash

The technical structure also indicates further risks of a crypto market crash. Bitcoin has broken below its 365-day moving average for the first time since 2022. It confirms a risk of Bitcoin dropping to the $70K-$60K range.

Experts including veteran trader Peter Brandt and prominent investor Michael Burry warns Bitcoin price crash to at least to $58K. Burry cautioned that Bitcoin’s sharp fall would severely impact Bitcoin treasury companies, gold, silver, and the broader financial markets.

Also, Bitcoin price crash below $70K could lead to $4 billion in unrealized losses for Strategy (MSTR). MSTR stock closed 3.13% lower at $129.09 on Wednesday.

Popular analyst Michael van de Poppe noted that Bitcoin/S&P is hitting the lowest weekly RSI ever. The last time it happened was during the 2022 bear market and the 2015 bear market. Meanwhile, analyst Ali Martinez revealed that below $77,086, the next key support levels for BTC are $60,176 and $47,824.

Bitcoin/SPX in Weekly Timeframe. Source: Michael van de Poppe

Source: https://coingape.com/crypto-market-crash-deepens-as-bitcoin-falls-to-70k-amid-bear-market-jitters/

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