High Value Cryptocurrencies Suffer Losses: Bitcoin, Ethereum, and XRP Experience Setbacks Worth $450 Million
The cryptocurrency market faced a turbulent day as major assets like Bitcoin and Ethereum experienced significant long wipeouts, wiping out leveraged positions worth over $447,000,000.
Among the assets mentioned, Ethereum remained the most robust, with continued demand and on-chain activity. Despite a significant decline, currently trading close to $4,200, Ethereum's midterm outlook remains stronger than many altcoins due to its resilience.
Bitcoin, on the other hand, has had difficulty regaining its footing since falling below $118,000. It is currently trading between $111,000 and $112,000, with brief support at its 100-day moving average.
The majority of liquidations occurred on the popular exchanges Binance and Bybit. Other large-cap coins like XRP and SOL also experienced liquidations exceeding $25,000,000. Real-time liquidation spikes in mid-cap tokens put additional strain on traders.
Ethereum's RSI has returned to neutral levels after a correction, and the 50-day EMA for Ethereum is $4,040, serving as the first significant support. If selling pressure increases, Ethereum may return to $3,600.
A notable event in the cryptocurrency world was a Bitcoin forecast made by trader Gamza Khanzadaev on February 26, 2022, which was endorsed by the legendary trader Peter Brandt. However, the specifics of this prediction were not mentioned in the context of the recent market events.
The market may continue to be volatile due to the size of unwound leveraged positions. Traders are advised to exercise caution and make informed decisions based on market analysis.
