Over the past few days, the crypto market has seen a significant leverage flush.
Liquidations over 24 hours totaled around $1.19 billion, with more than $1 billion coming from long positions. ETH liquidations came to about $356 million, even higher than BTC’s $298 million, suggesting that leverage and selling pressure were more concentrated in Ethereum. CoinDesk
BTC has now rebounded to around 83,000, while ETH is back near 2,500. The first question to answer is: Is the market reversing, or is this just an oversold bounce after the liquidations?
Looking at the market structure, the evidence still points more toward the latter.
BTC: The low has held, but lost ground has yet to be recovered
BTC found clear support in the 80,300–81,300 range. After a sharp dip, it bounced back to around 83,000, showing that there are buyers below.
However, the price is still below the 83,800–84,500 rebound threshold. This area is also a dense zone of trapped buyers from the previous decline.
Key levels to watch next:
🟡 83,800–84,500: Key threshold for gauging the strength of the rebound
🔴 85,500–87,000: Previous high resistance zone
🟢 80,300–81,300: Core support zone
If BTC breaks above 84,500 and holds that level on a retest, it could have a chance to test 85,500–87,000 again.
If the rebound keeps failing to clear 84,500 and BTC falls back below 82,000, it will most likely retest 80,300–81,300.
Therefore, $BTC is currently at a point where the market’s direction needs confirmation, and chasing the price here offers an unfavorable risk-reward ratio.
Liquidations over 24 hours totaled around $1.19 billion, with more than $1 billion coming from long positions. ETH liquidations came to about $356 million, even higher than BTC’s $298 million, suggesting that leverage and selling pressure were more concentrated in Ethereum. CoinDesk
BTC has now rebounded to around 83,000, while ETH is back near 2,500. The first question to answer is: Is the market reversing, or is this just an oversold bounce after the liquidations?
Looking at the market structure, the evidence still points more toward the latter.
BTC: The low has held, but lost ground has yet to be recovered
BTC found clear support in the 80,300–81,300 range. After a sharp dip, it bounced back to around 83,000, showing that there are buyers below.
However, the price is still below the 83,800–84,500 rebound threshold. This area is also a dense zone of trapped buyers from the previous decline.
Key levels to watch next:
🟡 83,800–84,500: Key threshold for gauging the strength of the rebound
🔴 85,500–87,000: Previous high resistance zone
🟢 80,300–81,300: Core support zone
If BTC breaks above 84,500 and holds that level on a retest, it could have a chance to test 85,500–87,000 again.
If the rebound keeps failing to clear 84,500 and BTC falls back below 82,000, it will most likely retest 80,300–81,300.
Therefore, $BTC is currently at a point where the market’s direction needs confirmation, and chasing the price here offers an unfavorable risk-reward ratio.