Bitcoin extended its selloff on Thursday, plunging below the $110,000 mark for the first time in weeks, sparking a wave of liquidations and a sharp decline across the broader crypto market.
According to liquidation trackers, more than $55 million in Bitcoin positions were wiped out in the past 24 hours, with long traders accounting for nearly $54.5 million of the losses. The move came as the overall crypto market cap slipped to $3.76 trillion, down over 4% in a single day.
Bitcoin’s daily technical outlook shows bearish momentum gaining strength. TradingView’s analysis marked Bitcoin as a “Strong Sell” on moving averages, with oscillators also leaning toward sell signals. The Relative Strength Index (RSI) has dipped toward 42, suggesting weakening demand and room for further downside.
The selloff wasn’t limited to Bitcoin. Ethereum tumbled over 6% in the past 24 hours, now trading below $3,900, while Solana dropped nearly 9% on the day and more than 21% in a week. Other top tokens like XRP, BNB, and Cardano also faced losses, deepening market-wide pain.
The broader crypto landscape saw more than $226 million liquidated in just one hour earlier, with Ethereum leading the wipeout at over $107 million, followed by Bitcoin’s $55 million. The majority of the losses came from overleveraged long traders betting on a rebound.
Analysts warn that if Bitcoin fails to hold above $108,000-$109,000, the next major support could lie closer to $104,000, a level that has historically served as a cushion. On the upside, regaining momentum above $112,000 would be needed to restore confidence in the short term.
For now, traders face heightened volatility as high leverage continues to amplify every move, leaving Bitcoin vulnerable to deeper corrections if selling pressure persists.
