The sharp selloff began around 7:20 p.m. ET, when BTC briefly touched $60,000 before rebounding toward $64,100. Volatility remains elevated. Ethereum followed the broader market lower, sliding to $1,750 before stabilizing near $1,899 at the time of writing.

$2.67 Billion in Liquidations Wipe Out Overleveraged Positions

The sudden downturn triggered a massive liquidation cascade across derivatives markets.

Over the past four hours alone, combined long and short liquidations reached $817 million. Total liquidations over the last 24 hours climbed to $2.67 billion — with $2.31 billion coming from long positions, highlighting how heavily bullish traders were positioned.

CMC’s Crypto Fear & Greed Index dropped to 5, signaling “extreme fear,” its lowest reading since the index launched in June 2023.

“A Classic Leverage Unwind”

According to Vincent Liu, CIO at Kronos Research, the crash reflects a perfect storm:

“Bitcoin’s sharp drop looks like forced liquidations from overleveraged longs, ETF and institutional outflows, and a broader risk-off macro backdrop. This is a classic leverage unwind — violent, fast, and sentiment-driven.”

Liu also noted that Bitcoin’s capitulation metric just printed its second-largest spike in two years, pointing to a surge in forced selling.

BTC Markets analyst Rachael Lucas emphasized the psychological shift among traders:

“Sentiment is firmly risk-off. Traders are no longer trying to catch falling knives and are prioritizing capital preservation. You can see rallies being sold into, and volume fading once liquidation flows subside.”

Repeated failures to hold key support levels have pushed participants from dip-buying into wait-and-see mode — reinforcing downward momentum.

ETF Outflows Signal Short-Term Reset

Institutional investors are also pulling back. Spot Bitcoin ETFs recorded more than $800 million in net outflows across Tuesday and Wednesday alone.

Lucas believes long-term conviction hasn’t vanished, but short-term positioning has clearly reset:

“Historically, these phases shake out weaker hands while longer-term holders remain relatively intact. Conviction isn’t gone — it’s being tested.”

Critical Support Zone: $58,000–$60,000

Liu says Bitcoin must hold the $58,000–$60,000 range for any meaningful recovery attempt.

“A rebound could start with price stabilization and positive catalysts,” he added, “but confirmation will take time once the dust settles.”

Meanwhile, the Crypto Fear & Greed Index in global markets slipped to 9, echoing sentiment levels last seen during the Terra collapse in June 2022.

Bitcoin is currently trading near $65,769, but damage remains heavy. BTC has fallen roughly 38% in just three weeks from its 2026 peak near $97,000, effectively erasing nearly all gains from the past 16 months.

For now, the market is operating in survival mode rather than accumulation mode. Support levels are breaking, patience is rising, and risk appetite is fading — leaving traders with one pressing question: is this the bottom, or just another pause on the way down?

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The post Bitcoin Crashes to $60K as Extreme Fear Hits Crypto appeared first on Coin Engineer.

Prices retreated. Bitcoin fell below $76,000. Ethereum dropped under $2,300. Solana failed to break the $100 threshold. Trades below these levels were driven more by forced position closures than regular selling.

Bitcoin Below $76,000: Liquidations Dominate

As Bitcoin fell below $76,000, short-term derivative positions rapidly unwound. Crypto liquidation heatmaps show the highest activity occurred in BTC contracts.

According to data shared by CoinGlass, over 435,000 traders closed their positions in the last 24 hours, with total liquidations reaching $2.58 billion. Of this, $2.42 billion came from long positions.

This indicates the movement was less about strong spot selling and more about high-leverage long positions reaching their limit. Liquidations triggered faster in bands with concentrated short-term long positions.

Ethereum Fails to Hold $2,300

Ethereum also struggled. The $2,300 level had served as a key reference in derivatives markets. Falling below this level triggered stop orders, increasing liquidation volume. A single $222 million Ethereum liquidation on Hyperliquid highlighted the intensity of selling pressure. Data shows Ethereum’s drop was driven primarily by unwinding in futures rather than spot selling, keeping short-term price movements volatile.

Solana fell under $100, accelerating liquidations in leveraged positions. This level was closely watched both technically and psychologically.

Liquidation data shows long positions dominated in Solana as well. Falling below this threshold reduced short-term trading volume while increasing volatility.

Last 4 Hours: Exchange Liquidation Distribution

In the past four hours, total liquidations reached $20.7 million, with around 76% from long positions.

In the last hour, $13.81 million in total liquidations occurred, with $12.63 million still concentrated on longs. This shows short-term traders tried to maintain bullish expectations. Over the four-hour period, liquidations rose to $25.48 million, making selling pressure more noticeable.

Interestingly, over the 12-hour period, $130.93 million in liquidations was split nearly evenly: $63.48 million long, $67.45 million short, indicating uncertainty in market direction.

Exchange Breakdown:

• Binance: $7.36M – 70%+ long

• OKX: $3.85M – long-heavy

• Gate: $2.94M – ~90% long

• Bybit: $2.83M – predominantly long

This distribution shows the market was caught off-guard and risk was concentrated in one direction.

Market Outlook

The current picture indicates the crypto market has not yet stabilized. Volatility is unlikely to subside until leverage ratios decrease. However, liquidation of high-risk crypto positions could provide a healthier foundation for prices going forward.

In the short term, the key factor will be whether aggressive positioning resumes in crypto derivatives markets.

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On January 5-6, short and long position liquidations on Binance Futures pushed XRP toward the middle of this range. A $4.4 million short liquidation on January 5 was followed by a $5.5 million long liquidation on January 6, increasing volatility. This two-phase “reset” wave highlights a market still searching for direction.

Institutional Growth: Evernorth and Doppler Finance

Institutional interest remains strong. Evernorth, supported by Ripple and SBI Holdings, partnered with Doppler Finance to explore liquidity and treasury use cases on the XRP Ledger (XRPL). This initiative is not a product launch but a strategic research phase on XRPL.

Technically, XRP trades between $2.07-$2.17 in the short term, marking critical levels. On January 8, high trading volumes defended the $2.07-$2.08 support zone, triggering a V-shaped recovery. However, resistance around $2.17 capped gains, confirming supply pressure. One-hour charts show ongoing minor drops and recoveries, indicating the market has yet to break out.

Price Action Summary

• XRP fell from $2.17 to $2.12, forming a range of approximately 4.9%.

• The high-volume drop confirmed demand at the $2.07-$2.08 zone.

• Attempts to recover near $2.17 remained limited, reinforcing short-term selling pressure.

• Recent trades fluctuated between $2.109 and $2.130.

What Investors Should Know

• If $2.07-$2.08 holds, XRP may continue to trade within this range. The first upward test is $2.17, followed by $2.20. A clear break above $2.17 could start a trend toward $2.25-$2.30.

• If $2.07 breaks, focus shifts to $2.05 and then the demand zone around $1.85-$1.90.

• The market created high leverage quickly, reducing the chance of sudden chain reactions. The next breakout is likely driven by new momentum rather than another liquidation wave. XRP fell to the daily support at $2.07; if lost, the price could test the $1.91 demand zone.

This content is for informational purposes only and does not constitute investment advice.

The post XRP Price Analysis: Critical Levels After Double-Sided Liquidation appeared first on Coin Engineer.

Sharp Decline in Binance Open Interest 

Binance’s Open Interest (OI) data clearly shows the shift in market sentiment. As Bitcoin dropped from $124,000 to $118,000, Open Interest on Binance fell by nearly 5%. This sharp decline indicates that traders either exited the market or closed their positions. In uncertain conditions, investors tend to remain cautious. Such declines often occur after significant price moves, highlighting that market participants are steering away from risk. 

Additionally, Binance’s cumulative net taker volume decreased by $1.89 billion. This sharp decline signals the presence of strong selling pressure. Historically, similar drops have coincided with short-term market bottoms. This suggests that the selling pressure might have peaked, potentially signaling a dip-buying opportunity. 

Binance’s Cumulative Net Taker Volume Hits Rock Bottom 

The latest data indicates that late long positions were largely closed. Traders who opened longs just before Bitcoin peaked are now exiting at a loss. This directly contributes to the drop in Open Interest and net taker volume, reflecting a “long squeeze” in the market. A long squeeze happens when falling prices trigger the liquidation of leveraged long positions, creating a domino effect that accelerates the decline. 

Liquidation analysis confirms this scenario. Net liquidations surged by $130 million within just 8 hours, showing mass long wipeouts. Meanwhile, Binance’s funding rate dropped to 0.006. Low funding rates signal weakened bullish appetite in leveraged positions, paving the way for liquidation cascades. Ultimately, all this data suggests a market reset, with overly leveraged positions being flushed out. 

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Bessent initially stated the U.S. would not make further Bitcoin purchases for its Strategic Reserve. Shortly after, he revised his remarks, creating market uncertainty. This caused a sudden wave of sell-offs. Coinglass data shows long positions suffered the most losses during this period. 

Ethereum and Bitcoin Lead Crypto Liquidations 

Ethereum’s liquidation dominance drew significant attention. Analysts link the losses to ETH’s recent surge toward all-time highs. Bitcoin briefly surpassed $124,000 before dropping below $120,000. Solana and XRP also recorded notable liquidations. This highlights the market’s sensitivity to government announcements. 

Bessent’s Strategic Reserve Remarks Impact Markets 

Bessent confirmed the government will halt all BTC sales and explore budget-neutral ways to expand the reserve. This marks a shift from prior administrations’ policies. Moreover, it aligns with the 2025 Strategic Bitcoin Reserve initiative launched under President Trump. Bessent also referenced broader asset management, including gold reserves. The U.S. holds 261.5 million ounces of gold, valued at $42.22 per ounce under the 1973 standard. 

These updates may ease medium-term supply pressure on BTC. However, large intraday liquidations increased short-term volatility. The crypto market remains highly responsive to top-level government decisions. 

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The post Bessent’s Bitcoin Comments Trigger $1B Crypto Sell-Off appeared first on Coin Engineer.

Bitcoin Intraday Key Levels

The BTC/USDT pair has gained 0.12% in the last 24 hours and is currently trading at $93,833. Bitcoin (BTC) seems to have bounced off the previously identified $92,503 support. If it continues to rise, the key resistance level to watch is $94,703. The support levels are $93,138 and $92,503, respectively.

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Ethereum (ETH): The ETH/USDT pair has dropped 0.80% in the last 24 hours and is now trading at $3,386. For ETH, the resistance levels are $3,440 and $3,535, while the support levels stand at $3,290 and $3,217.

Bitget Token (BGB): The BGB/USDT pair has experienced a sharp drop of 15.98% over the last day, now trading at $5.70. Key resistance levels are $6.06 and $6.59, with support zones at $5.51 and $5.07 if the decline deepens.

Stacks (STX): The STX/USDT pair has declined by 0.92% over the past 24 hours and is trading at $1.553. Resistance can be found at $1.556 and $1.587, while the support levels are $1.443 and $1.357.

Celestia (TIA): The TIA/USDT pair has fallen by 1.68% in the last day and is currently trading at $4.76. Resistance zones are $4.95 and $5.18, with support levels at $4.62 and $4.36.

Trending Coins

The top trending coins in the last 24 hours include ai16z (AI16Z), PHNIX (PHNIX), and Virtuals Protocol (VIRTUAL). Among the top gainers are Zerebro (ZEREBRO), AI Rig Complex (ARC), and ai16z (AI16Z). Meanwhile, the top losers are PHALA (PHA), Tokenize Xchange (TKX), and Moca Network (MOCA).

Bitcoin Liquidation Map

Analyzing Bitcoin’s 12-hour liquidation map:

• On the upside, the largest visible liquidation stands at $95,268 with $40 million.
• On the downside, the key level is $93,364, also with $40 million in liquidations.

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Bitcoin Intraday Key Levels

The BTC/USDT pair gained 0.51% in the last 24 hours and is currently trading at $102,308. Bitcoin (BTC) rebounded from the $99,304 support level noted in previous analyses, marking a short-term rise. If this upward momentum continues, the next resistance level stands at $103,608. Key support levels are $100,998 and $99,304.

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Ethereum (ETH): The ETH/USDT pair dropped 4.41% in the last 24 hours and is currently trading at $3,697. Resistance levels for ETH are $3,750, followed by $3,886. Key support levels lie at $3,646 and $3,535.

Mantle (MNT): The MNT/USDT pair gained 3.99% in the last 24 hours and is trading at $1.24. Resistance levels for MNT are at $1.238, followed by $1.273. Support zones are $1.064, with a deeper drop potentially hitting $0.993.

Aerodrome Finance (AERO): The AERO/USDT pair declined 11.29% over the past 24 hours and is currently at $1.64. Resistance levels are at $1.70, followed by $1.85, while key support levels are $1.61 and $1.50 in case of further declines.

UNUS SED LEO (LEO): The LEO/USDT pair dropped 5.97% in the last 24 hours and is trading at $9.13. Resistance levels for LEO are at $9.23, with a further target at $9.44. Support zones are $9.04 and $8.87.

Trending Coins

The most trending coins in the last 24 hours include Fuel Network (FUEL), Akuma Inu (AKUMA), and Pudgy Penguins (PENGU).
Top gainers were Usual (USUAL), Fartcoin (FARTCOIN), and peaq (PEAQ), while the biggest losers were Peanut the Squirrel (PNUT), Act I The AI Prophecy (ACT), and Popcat (POPCAT).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map:

• Key upper liquidation level: $13 million at $103,680.
• Key lower liquidation level: $49.5 million at $99,200.

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The post The Latest on Bitcoin and Cryptocurrencies: December 19 appeared first on Coin Engineer.

Bitcoin Daily Key Levels

BTC/USDT has gained 0.18% in the last 24 hours and is currently trading at $104,383. Bitcoin recently rebounded from the $101,000 support level, as previously indicated in analyses, and hit a new all-time high. If the uptrend continues, the resistance level stands at $105,766, while the support levels are at $103,668 and $101,000.

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Ethereum (ETH): The ETH/USDT pair has risen by 1.95% in the last 24 hours and is trading at $3,943. Key resistance levels for Ethereum are at $3,988 and $4,025, while the support levels are at $3,942 and $3,886.

MultiversX (EGLD): EGLD/USDT has dropped 5.54% in the last 24 hours and is trading at $44.5. Resistance levels are at $48 and $49.3, with support zones at $44.3 and, in case of deeper declines, $40.

Fantom (FTM): The FTM/USDT pair surged 9.49% in the last 24 hours and is trading at $1.36. Resistance levels are $1.46 and $1.60, while support levels are at $1.39 and $1.34 for lower zones.

Pyth Network (PYTH): PYTH/USDT gained 6.58% in the last 24 hours and is currently trading at $0.465. Resistance levels for PYTH are $0.475 and $0.50, while support lies at $0.45 and $0.433 if declines deepen.

Trending Coins

In the past 24 hours, the top trending coins include Hyperliquid (HYPE), Ondo (ONDO), and Virtuals Protocol (VIRTUAL). Among the top gainers are Moca Coin (MOCA), Fartcoin (FARTCOIN), and Virtuals Protocol (VIRTUAL). On the other hand, Metars Genesis (MRS), Galxe (GAL), and DeXe (DEXE) lead the losers’ list.

Bitcoin Liquidation Map

A look at Bitcoin’s 12-hour liquidation map reveals notable levels:

• Upper-side liquidation: $44.5 million at $107,292.
• Lower-side liquidation: $58.5 million at $104,106.

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