Bitcoin Tumbles Below $90K as Crypto Selloff Triggers Over $1 Billion in Liquidations
MarketDash
Bitcoin took a quick dive below $90,000 Tuesday morning before bouncing back above $91,000, but the damage was already done—over $1 billion in positions got liquidated as the broader crypto market trembled.
Get Market Alerts
Weekly insights + SMS alerts
Bitcoin (BTC) had a rough Tuesday morning, briefly punching below the psychologically important $90,000 level before clawing its way back above $91,000. The sharp move wasn't just a blip on the chart—it unleashed over $1 billion in liquidations as leveraged positions got wiped out across the crypto market.
The institutional money wasn't exactly providing support either. Spot Bitcoin ETFs recorded $254.5 million in net outflows on Monday, while Ethereum (ETH) ETFs saw $182.8 million head for the exits. Not exactly a vote of confidence.
Has Bitcoin Reached Its Bottom?
Analyst Ted Pillows noted that BTC has now filled the CME gap and broken decisively below $90,000. The critical zone to watch? The $88,000-$90,000 range, where a full liquidity sweep could carve out a local bottom. That said, Pillows cautioned that a deeper capitulation wick remains on the table before any meaningful reversal takes shape.
Crypto analyst Crypto Seth offered a more optimistic take, pointing out that whale buying into the $89,000 flush shouldn't be viewed as "game over." Instead, it typically marks the stage where weak hands capitulate, and stronger players quietly reload ahead of the next leg higher.
The Altcoin Picture Gets Interesting
Solana (SOL) is starting to outperform Bitcoin again, with trader Daan Crypto Trades pointing to a clear reversal on the SOL/BTC chart—a sign of strengthening relative momentum that could signal broader altcoin rotation.
Ethereum, on the other hand, looks structurally weak according to analyst IncomeSharks. Clean breakouts are failing on the way up while breakdowns accelerate on the way down—a textbook bearish pattern that's hard to ignore.
XRP (XRP) appears poised for a powerful move once Bitcoin stabilizes. Analyst DonAlt highlighted that a breakout above the major red resistance would fully reclaim the Oct. 10 retrace, opening the door for an aggressive upside rally.
The meme-coin sector slipped another 1.5% to a $50.5 billion market cap, reflecting broader market caution. But beneath the surface, things got interesting.
Shiba Inu (SHIB)'s burn rate spiked an eye-popping 1,155% in a single day, while Dogecoin (DOGE) continues to show a valid bullish divergence on the daily chart according to analyst Trader Tardigrade—a potential sign that the beloved dog coin might have some fight left in it.
