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- BTC consolidates in a tight range below 120k
- Major altcoins, including ETH, XRP, and SOL have fallen sharply
- Liquidations spike to $976 million, with long positions hit hardest
- Profit-taking and caution ahead of the White House crypto report drive direction
- BTC technical analysis
Bitcoin continues to consolidate and is in a tight range below 120k, while altcoins, such as ETH, XRP, and SOL, which have outperformed this month, are experiencing a deeper selloff.
The crypto market capitalization has fallen 2.7% over the past 24 hours to $3.82 trillion, after failing to reach the $4 trillion level. The Altcoin Season Index has also fallen back to 34 after briefly rising to 54 yesterday.
ETH has fallen 5% over the past 24 hours, XRP has plunged 12% and SOL trades almost 10% lower as bulls take a breather and book profits after the recent impressive rallies.
Liquidations Spike
The sharp selloff in the broader cryptocurrency market over the past 24 hours has led to a wave of liquidations across leveraged positions. Over $976 million of positions have been liquidated in the past 24 hours, with long positions accounting for over 85%, highlighting the extreme bullish positioning in recent days.
Breaking this down further, ETH accounted for $198 million, and ETH long positions accounted for $163.4 million. XRP saw $105.8 million in long positions liquidated, while BTC reported just $65.3 million in long liquidations.
White House Crypto Report Release
While profit-taking appears to be the primary driver behind the pullback, with the major altcoins still up across the week, traders are also showing caution ahead of the long-awaited White House crypto report. The report is expected to be released by the end of the month and could significantly impact how digital assets are integrated into the US government’s plans.
This report comes as President Trump signed into law the Genius Act, establishing a regulatory framework for stablecoins and after the House of Representatives passed two other key bills.
Despite the recent selloff, the broader macro themes remain intact. Crypto continues to be supported by improving US regulatory clarity, solid corporate and institutional demand, ongoing concerns over the US government fiscal position, and USD debasement.
Bitcoin Technical Analysis
After reaching a record high of 123k, BTC eased back and is trading in a holding pattern between 116k and 121k, the 50% and 61.8% Fibonacci extension of the 74.4k low and 111.9k high. The price is currently in the middle of the consolidation band at the time of writing, lending itself to a breakout setup. The RSI is moving out of overbought territory.
Buyers will look for a break above 120k and 212k as a buy signal, which could see the price recover to 123k and above to fresh record highs at 127k and 130k round numbers. Altcoins could follow BTC higher.
Bears, on the other hand, will watch for a break below 116k, which opens the door to a deeper selloff towards 111.9k and 110k. In this scenario, altcoins could also experience a deeper decline.
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