Bitcoin Breaks $76k, ETH Tests $2k as $134M Liquidations Hit
Bitcoin fell from the $78k area and broke below $76,000, flipping short-term momentum bearish. Ethereum slipped and lost $2,100, now testing the $2,000 psychological support. The selloff triggered a sharp derivatives wipeout: over the past 4 hours, total crypto liquidations reached about $134M, with long liquidations around $122M (over 90% of the total), forcing many bullish positions to close.
Traders are watching whether Bitcoin can reclaim credible support near $75k and whether ETH can hold $2,000. With volatility elevated, high-leverage long risk remains high, and any further breakdown could extend the liquidation cascade.
Bearish
The move down through key levels (Bitcoin below $76k and ETH below $2,100) followed by heavy long liquidations ($134M total; ~$122M longs) suggests leverage is being forced out of bullish positions. That dynamic often increases near-term downside pressure because it can accelerate selling and leave remaining longs with less room for error.
In the short term, traders may see continued volatility until price reclaims support (Bitcoin around $75k; ETH around $2,000). In the longer term, if support holds and liquidations subside, the market can stabilize; however, the current setup remains fragile, so the immediate price impact is expected to be bearish for Bitcoin and ETH.