The wave of liquidations in the crypto market reappears: $400 million in settlements, the market re-enters a weak phase, how low can Bitcoin drop this time?

In the past 24 hours, the crypto market has experienced another intense shakeout. The total liquidation amount for 143.8k traders reached as high as $410 million. Price levels: Bitcoin dipped as low as $73,669, Ethereum briefly fell to around $2,250.
Meanwhile, the RAVE project collapsed, hacking incidents occurred frequently, directly disrupting the recently recovering altcoin rally, and market sentiment cooled again. This is not a single-point decline but a structural weakening.
1. BTC: Rebound more like an opportunity than a reversal
From a technical perspective, Bitcoin is currently in a very typical stage: two consecutive days of bearish candles on the daily chart with obvious long upper shadows, showing weak rebounds and clear resistance.
The bearish outlook hinted around $78,000 has now played out a decent move.
How to interpret the current structure?
This round of movement is essentially: “Fake breakout → Transition to consolidation → Continued decline.”
Whether it’s a triangle fake breakout or the current channel pattern, the core remains unchanged: the trend is still downward.
Key levels
Resistance above: $78,000 – $81,000
Support below: $73,500 (already weakening)
If the price rebounds to the resistance zone, it’s more likely to face resistance and fall again rather than trend reversal.
Short-term strategy
Currently, avoid emotional shorting, but you can consider:
Reconsider participating if the rebound reaches resistance.
During the decline, only trade short-term rebounds, avoid fighting the trend.
One point to note: in a downtrend, “support” is more of a brief pause rather than a reversal signal.
2. ETH: Structure has weakened, focus on resistance for rebounds
Ethereum’s situation is more direct: it has broken below the ascending channel, with clear signs of structural weakening on the daily chart.
In the short term: on the 1-hour chart, there is a rebound demand, but the overall trend remains downward.
Key levels
Rebound resistance: $2,350 – $2,380
Support below: $2,250 → $2,220 zone
If it breaks below $2,250, the next support is likely near the middle Bollinger band on the daily chart or mid-term moving averages. The short-term logic remains:
Observe resistance during rebounds, avoid chasing the rally.
3. BNB: Short-term recovery, but the major trend remains unchanged
After continuous declines, BNB shows signs of short-term recovery (similar to a bullish wedge pattern). But it’s important to clarify: the daily chart has shown signs of a phase top.
The current rebound is more like a “technical correction.” If it rebounds to the key resistance zone, caution is still needed as weakness may resume.
4. Altcoin sector: Sentiment damaged, divergence intensifies
Recently, the core issue in the altcoin market is not price movement but confidence erosion. Project collapses (like RAVE), frequent security incidents, and declining risk appetite for funds have led to a result:
Overall weakness, but some structural opportunities remain.
A few points to observe:
CHZ driven by news, relatively independent structure, stronger, better to wait for a pullback before participating rather than chasing high.
SUPER shows a double-top-like pattern with selling pressure at the top, leaning more toward sideways weakening.
AKE’s triangle convergence pattern with narrowing volatility, watch for breakout direction (up or down).
CRCL is oscillating in a range with support still intact; in the short term, it looks more like sideways consolidation rather than a trend.
5. The core of the current market
To sum up the current market in one sentence: downward trend + fragile sentiment + increased volatility.
In this environment, frequent trading ≠ high returns; emotional trading ≈ high risk of losses. The two most common mistakes at this stage are:
Mistaking rebounds for reversals.
Overtrading in a weak market.
The truly effective strategy is actually very simple:
Wait for key levels.
Take high-probability actions.
Control market positions.
There are always opportunities, but not every fluctuation is worth participating in.