- Over $737 million in liquidations occurred, with 85.3% being long positions, causing heavy losses.
- Bitcoin remains stable around $117,000, while analysts predict a possible 6-7% correction before recovery.
The cryptocurrency market faced notable volatility over the past 24 hours, with prices dropping sharply. More than $737 million in positions were liquidated, and an overwhelming 85.3% of those were long positions. This suggests that a large number of traders had optimistic expectations, which ultimately resulted in significant losses throughout the market.
As per CoinGlass’s Liquidation Map, this overnight market crash liquidated a whopping 243,970 traders. The largest single liquidation occurred on Binance with a position of $2.96 million being liquidated.
The altcoin market, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), experienced steep corrections in the unexpected selloff. Meme coins also hit with deeper losses. The traders now wonder whether it is a temporary shakeout or the start of a bigger market correction.
Bitcoin Holds Steady Amid Pullback in Altcoins
Despite the sharp drop in altcoin prices, Bitcoin, the largest cryptocurrency by market value, has stayed stable within a certain range. After reaching a record high of $123,218 on July 14, its price has fluctuated between $116,000 and $120,000.
On Wednesday, Bitcoin faced resistance at $120,000 but ended the day at $118,755. The next day, the price slightly dropped below $118,000, hovering around $117,873.
The pullback in the market is thought to have been caused by profit-taking from retail traders or large investors. Some believe this may also be part of a shift in capital as the market prepares for an upcoming altcoin season.
As the market waits for further developments, Bitcoin remains the central focus. If Bitcoin closes above the upper boundary of its current range at $120,000, it may push towards its all-time high. This could positively affect altcoins, which generally follow Bitcoin’s movements.
On the other hand, if Bitcoin’s price falls below the lower boundary at $116,000, it could signal a deeper decline. In such a case, Bitcoin might retest its 50-day Exponential Moving Average (EMA) at $111,292, potentially leading to a broader market correction.
Market Sentiment and Predictions
The latest data from CryptoQuant shows that Bitcoin’s Estimated Leverage Ratio (ELR) on Thursday is 0.263, meaning that Bitcoin’s leverage is maintained on a moderate line without being excessively overextended.
Meanwhile, in an X post analyst, Crypto Virtuos remarked on this situation, suggesting that Bitcoin’s recent sideways movement could produce a short retrace, somewhere in the range of 6-7%. This retrace could propel the value “to the .618 level which is 113K, after that, we could see another push upwards.”
Crypto Virtuos was cautiously optimistic in his reaction, writing,
I’m pretty optimistic about this next push. Which could be towards the 1.168 level which stands at 138K.
$BTC has been moving sideways for a bit, so here’s a short update.
I think, we might see a short retrace/correction. Could be 6/7% and that could push the price to the .618 level which is 113K, after that, we could see another push upwards.
I’m pretty optimistic about this… pic.twitter.com/IaCzCIld8G
— Crypto Virtuos (@CryptoVirtuos) July 23, 2025
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Source: https://www.crypto-news-flash.com/737m-liquidations-from-crypto-pullback/?utm_source=rss&utm_medium=rss&utm_campaign=737m-liquidations-from-crypto-pullback