Bitcoin and Ethereum Fall as Liquidations Reach $545 Million

Published: 2026-09-24 01:33:24 |

Bitcoin and Ethereum extended their declines on 24 September as rising US Treasury yields and stronger-than-expected economic data increased expectations that the Federal Reserve may delay rate cuts or consider further tightening. Bitcoin briefly fell below $84,000 to $83,500 and later traded near $84,314, down 2.46% over 24 hours. Ethereum reached a low of $2,635 before recovering to about $2,682, down 2.79%. Crypto liquidations exceeded $545 million in 24 hours, according to CoinGlass. Long positions accounted for $447 million of the total, while short liquidations reached about $98.75 million. More than 126,630 traders were liquidated, with the largest single loss valued at $10.04 million on Binance’s ETH/USDT pair. The sell-off followed a rise in the US 10-year Treasury yield to 5.11%, a 19-year high. September S&P Global PMI data also exceeded expectations, with manufacturing PMI at 57.0, services PMI at 58.7 and the composite index at 58.4. Higher yields are pressuring Bitcoin and other high-risk assets by increasing the appeal of traditional fixed-income investments. Solana fell 3.07%, while XRP dropped 5.27%. Despite the decline, Bitcoin and Ethereum remained above their 20-day, 50-day and 200-day moving averages, while their RSI readings stayed in relatively strong territory. However, narrowing MACD momentum suggests that the short-term rally is losing strength. Bitcoin’s key support is near $79,531, while Ethereum’s first major support is around $2,537. Market sentiment remained in the “Greed” zone, with the Crypto Fear & Greed Index at 71.

Bearish

The immediate market impact is bearish. Bitcoin and Ethereum are declining alongside a sharp rise in the US 10-year Treasury yield and stronger-than-expected PMI data. These factors reduce expectations for near-term Federal Reserve easing and increase the opportunity cost of holding volatile assets. The $545 million liquidation wave, dominated by long positions, may also create forced selling and amplify short-term volatility. For traders, the loss of $84,000 in Bitcoin and $2,700 in Ethereum highlights important psychological levels. Bitcoin’s nearby technical support is around $79,531, while Ethereum’s first major support is near $2,537. A break below these areas could trigger additional stop-loss orders and leveraged liquidations. Conversely, sustained closes above $85,755 for Bitcoin and $2,750 for Ethereum would indicate that buyers are regaining control. The outlook is not uniformly negative over the longer term. Both assets remain above their major moving averages, RSI readings are still relatively strong, and market sentiment remains in the Greed zone rather than panic territory. This suggests the broader uptrend has not yet been fully invalidated. However, past episodes of sharply rising Treasury yields, such as periods of aggressive Federal Reserve tightening, have generally pressured crypto valuations and encouraged defensive positioning. Unless yields stabilise or macroeconomic data weakens, rallies may face selling pressure and traders may favour smaller positions, lower leverage and confirmation above resistance levels.