A massive sell-off has swept across the broader crypto market, with Bitcoin and altcoins crashing, leading to more than $1.7 billion in liquidations. BTC price has crashed under $113,000, with analysts predicting further drop ahead and the be ginning of a deeper correction.
The altcoin crash on Sept. 22 is even deeper as top crypto assets Ethereum , XRP , BNB Coin , Solana , and Dogecoin correct 6-10%.
The broader crypto market has seen $1.61 billion in long liquidations amid massive sell-offs, as the market sentiment turns sour, according to CoinGlass data. Bitcoin is down 2.62% dropping to $112,799, with over $80 billion wiped out from its market cap. The daily trading volume is up 70% to $43 billion, showing that the selling pressure is strong.
Market experts believe that this is just the beginning of a broader correction for BTC and altcoins. Crypto analyst Ted Pillows has highlighted that Bitcoin faces more than $2 billion in long liquidations between the $106,000 and $108,000 range. He noted that a sweep of this level appears highly likely in the coming weeks before any major upward move.
Crypto analyst Captain Faibik has warned that Bitcoin (BTC) could be preparing for another bearish wave. He noted that on the daily chart, a rising wedge has already broken down and a bearish flag pattern is now forming.
Looking ahead, he expects another bearish leg that could push BTC down toward the $100,000 level. Despite this, the prediction markets suggest a BTC rally to $125K.
In addition to the Bitcoin price correction, altcoins have faced an even deeper crash. CoinGlass data shows that Ethereum is leading Bitcoin in 24-hour liquidations at $483 million, against Bitcoin's $276 million.
Ethereum (ETH) price has entered a deeper correction, currently trading under $4,200, down by 15% from its all-time high. Last week, ETH whales were on a dumping spree, citing what's coming ahead for them.
Binance's BNB Coin (BNB) touched an all-time high of $1088 during the weekend. Even BNB price is down today 4.55% in today's crypto market sell-off, however, it continues to hold above $1,000 threshold.
Meme coin DOGE has faced the steepest fall, dropping 10.79%, and is currently trading under $0.24. With the rising demand for spot Dogecoin ETF, the meme coin has been on investors' radar.