The cryptocurrency market suffered a brutal sell-off, triggering a wave of forced liquidations that wiped out hundreds of millions in leveraged long positions. Within a single hour, over $212 million in futures contracts were liquidated, with a staggering 98.3% of those being long positions — a clear sign of a fleeing bullish crowd caught off guard.
Bitcoin, after a brief fakeout above the 50-hour moving average at $77,443, reversed sharply and plunged below the psychological $76,000 level. The move was described as a classic bull trap — luring buyers on the breakout only to liquidate them as price collapsed through the 100 MA and toward the critical $75,300 support, the base of Bitcoin’s late-April recovery.
Data from CoinGlass shows that in the past hour alone, $209.41 million in Bitcoin longs were liquidated versus just $3.54 million in shorts. Over 24 hours, total liquidations ballooned to $485.4 million, with longs accounting for 88.9% ($431.57 million). The RSI on the hourly chart sunk to a deeply oversold 24.67, while the CMC20 index dropped 2.08%, confirming broad-based altcoin pressure alongside Bitcoin's decline.
The cascade effectively reset open interest and funding rates, but immediate price action remains fragile. A break below $75,300 could extend the rout, while a hold and RSI recovery above 30 might signal a temporary floor. The event underscores the extreme risks of high-leverage trading in a market highly sensitive to macroeconomic sentiment shifts.
