BTCUSD Sinks Below $96K as Investors Unwind Positions
Bitcoin price (BTCUSD) declined below $96 as sell-offs heated up, dragging the global market cap down to $3.25 trillion, down by about 1% on the day. The sell-offs have been fast and furious. BTC had reached $126K last month before sentiment turned negative.
Trading data obtained showed that Bitcoin fell 1.6% over the past 24 hours, underperforming the broader crypto market as investors closed positions
The drop reflects leveraged position unwinding, cautious derivatives positioning, and breakdown below key technical levels – though strong institutional bids near $90K-$95K suggest contained downside
The world’s largest cryptocurrency has been struggling to rebound as negative sentiment deepens. In the last 24 hours, Bitcoin has lost 1.6% with $96.847 billion in trading volume.
Crypto market remains volatile with strong negative price swings that plunged market value of all digital assets to $3.25 trillion. The price depreciation has reduced market value of 19.93 million tokens in circulation to $1.9 trillion.
The bullish trend remains restricted even as European nations adopt Bitcoin as a reserve asset, intensifying demand amid its fixed 21 million supply limit.. Also, Taiwan considers Bitcoin as a strategic reserve to strengthen financial resilience and counter global economic pressures.
The market is bearish for BTCUSD, as over $482 million in crypto futures were liquidated in 24 hours, with $311 million coming from Bitcoin positions – 86% of these were bullish bets
The excess leverage amplified selling pressure when BTC dipped below $96K. Retail traders appear cautious despite Harvard’s $443 million BTC ETF accumulation
Sound recovery may not be in sight in the short time; BTC broke below its 30-day SMA ($106,954) and Fibonacci 38.2% level ($107,765), with RSI14 at 29.99—near oversold territory but lacking bullish divergence. A daily close below $94K could confirm a bear cycle per CryptoQuant’s model.
The Crypto Fear & Greed Index hit 16/100 (Extreme Fear), its lowest since March 2025. Bitcoin ETFs saw $866 million in outflows, but BTC’s institutional liquidity edge limited losses vs alts.
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