The cryptocurrency market is struggling today (25th), with Bitcoin breaching the $116,000 mark, and bulls are being hunted. According to CoinGlass data, over $415 million in long positions have been liquidated in the cryptocurrency derivatives market in the past 24 hours, with a total liquidation amount reaching $569 million.
As of the time of writing, Bitcoin has fallen over 2% to $115,535, with a long position liquidation amount reaching $129 million; Ethereum hit a low of $3,530 today but subsequently regained upward momentum, currently at $3,641, up 2.7% in the past 24 hours, with a derivatives liquidation scale reaching $142 million.
Cryptocurrency trader Ash Crypto posted on social media platform X, pointing out, 'This sell-off is purely a levered washout.' He explained that the recent upward movement of Ethereum attracted many investors to go long, which ultimately made them targets for liquidation.
Nevertheless, the overall atmosphere in the cryptocurrency market remains relatively optimistic. According to the Crypto Fear & Greed Index, it currently maintains a 'Greed' level of 70, indicating that investors still have confidence in the market's future.
Bitcoin set a historical high of $122,838 on July 14, and many market participants initially expected the bullish trend to continue. Galaxy Digital CEO Michael Novogratz is even more optimistic, predicting that Bitcoin could rise to $150,000 this year, with Ethereum potentially reaching $4,000.
The team also pointed out that if Bitcoin can maintain its upward trend, the next important target will be $136,000.
However, some traders have begun to take hedging actions to cope with the pressure of short position liquidations if Bitcoin rebounds quickly. According to market estimates, if Bitcoin returns to the Thursday high of $119,500, there could be as much as $3 billion in short positions facing liquidation.