Despite the Consumer Price Index (CPI) and Core Consumer Price Index released by the US Department of Labor yesterday both falling below market expectations, Bitcoin and Ethereum, after a brief rebound, further dropped below the 200 EMA (1H) support level, falling from $36,000 to $35,000. At the same time, Ethereum’s $2,000 defense line was also breached.
According to Coinglass data, the sudden drop caught traders off guard, resulting in a total liquidation of long leveraged positions in the cryptocurrency market exceeding $307 million, the largest single-day long liquidation since August 17.
Among them, Bitcoin traders were the most liquidated, with $133 million, followed by ETH traders with losses of approximately $70 million, and the largest single liquidation occurred on OKX – BTC-USDT-SWAP, with a contract value of approximately $9.45 million.
However, despite the evident weakness in the trends of Bitcoin and Ethereum, altcoins have shown a faster recovery pace after last night’s decline, even surpassing previous highs, including popular coins like TIA and DYDX, creating new recent highs.