- Bitcoin and Ethereum prices fell 2.5% in the past hour as liquidations on exchanges topped $120 million.
- $114 million in long positions in Bitcoin and Ethereum were liquidated, fueling the decline for investors.
- Analysts expect bitcoin price to break below the $39,000 support and Ethereum struggles to clear the $3,043 resistance.
Bitcoin and Ethereum prices struggle to clear resistance as crypto market downturn leads to $120 million worth of selloffs. 95% of liquidations are long positions in Bitcoin and Ethereum.
Bitcoin and Ethereum prices brace for crash with massive selloffs
Bitcoin and Ethereum prices fell 4% overnight as $120 million in BTC and ETH positions were liquidated within an hour. According to data from Coinglass, a crypto data analytics firm, 95% of liquidations were long-lived.
Total liquidations in the last hour
Within an hour, bitcoin price fell below the $39,000 support. Proponents pinned a strong sell-off in Asian trading on Monday as the main reason for the sell-off cycle. Bitcoin and Ethereum prices fell 4% and the outlook for investors deteriorated.
Altcoins like Cardano, Solana, and Ethereum saw a sudden price drop accompanied by selloffs in the Bitcoin and Ethereum markets. Much of the liquidation was in long positions, totaling $107 million, and another $3.91 million in short positions were liquidated.
Analysts predicted a drop in Bitcoin and Ethereum prices. Crypto analysts @TrendRidersTR believe that Bitcoin’s weekly close was below the Rider Band and the bearish momentum formed a higher low. This is a strong argument for the bears as traders continue to aggressively take profits and the trend remains undecided.
The $BTC weekly close was bad, a full candle below the Rider Band and a bearish momentum point, but this is a higher low.
Strong arguments for bulls and bears. I will focus on short term trades and aggressive profit taking while the trend is undecided. pic.twitter.com/gxZQibyVDO
— Trend Rider (@TrendRidersTR) April 18, 2022
@CryptoFaibik, a leading crypto analyst, believes Bitcoin bulls have tenaciously defended the $39,000 support; however, a loss of this level could push BTC to the weekly EMA100 at $36,800.
So far, $BTC bulls are defending the crucial support at 39,000!
If the bulls lose the 39k support, the next stop would be the Weekly EMA100 (36.8k)#Crypto #Bitcoin #BTC #BTCUSD pic.twitter.com/BPuCLbvI6O
— Captain Faibik (@CryptoFaibik) April 18, 2022
@ShardiB2, a crypto analyst and trader, believes Ethereum price may continue to decline as the $3,043 resistance poses a challenge for the altcoin.
Drag continues to be an issue here pic.twitter.com/RVD8Q1QIyh
— Don’t follow ShardETH B if you hate $money (@ShardiB2) April 16, 2022