Bitcoin, altcoin market sell off continues: What was the cause and when will it end?
The Bitcoin and altcoin market is facing continued selling pressure influenced by a historic sell-off that resulted in over $20 billion in liquidations across centralized exchanges. This downturn follows President Trump’s controversial announcement of a 100% tariff on Chinese imports, which surprised traders and triggered significant market volatility. As of now, Bitcoin struggles to maintain a position above $110,000 while major cryptocurrencies like Ether and SOL experience declines of 3.74% and 7.0%, respectively. The upcoming opening of CME Bitcoin and equities futures markets on Sunday will be pivotal in determining the future price direction. Metrics indicate that Bitcoin is currently trading below its mean price, and a liquidation heatmap shows vulnerable long positions between $120,000 and $113,000. Analysts suggest any recovery or stabilization in the market may hinge on the reaction from traditional finance during the Sunday futures open. Overall, the sentiment in the market remains cautious, and soft selling is expected to persist until clearer signals emerge from futures trading.
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