Bitcoin Plunges Under $98,000, $880M in Liquidations

Bitcoin's price has fallen below $98,000 for the first time since May 2025, contributing to significant declines across major cryptocurrencies, including Ethereum, Solana, and Cardano, which also saw more than an 8% drop. In a single day, over $1 billion in leveraged crypto positions were liquidated, driven by rough economic data from China and diminishing expectations for a Federal Reserve rate cut. The weakness in Asian stocks impacted the crypto market as traders liquidated positions to mitigate losses, particularly with more than $887 million attributed to long positions. The largest single liquidation occurred with a $44 million Bitcoin long on HTX. As Bitcoin struggles below $98,000, focus shifts to support levels near $94,000, while altcoins remain susceptible to further declines if equity markets do not stabilize. The latest economic data revealed a slowdown in China's industrial production, fueling pessimism in global markets. The future direction of Bitcoin and altcoins now hinges on whether the forced unwinds of positions have stabilized amid the current macroeconomic volatility.

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