The crypto market just had one of those days where everyone pretends they knew it was coming. Bitcoin (BTC) crashed roughly 10% to $82,000 over the past 24 hours, and the carnage spread quickly. Liquidations hit approximately $2 billion as leveraged positions got obliterated across the board.
If you needed more evidence that sentiment has soured, look at the ETF flows. Spot Bitcoin funds shed $903.1 million on Thursday, while Ethereum (ETH) products lost another $261.6 million. That's serious money heading for the exits.
The Technical Picture Looks Rough
According to Glassnode data, Bitcoin's realized losses have surged to levels not seen since the FTX collapse. The culprit? Short-term holders capitulating en masse. This sharp spike suggests a wholesale washout of weak hands as traders scramble to unwind recent positions before things get worse.
Crypto chart analyst Ali Martinez pointed out something particularly worrying: Bitcoin's weekly SuperTrend indicator has flipped bearish again. This signal has been remarkably reliable for over a decade. Every time it's turned bearish, a significant correction has followed. Not exactly reassuring if you're long right now.
Lennaert Snyder observed that Ethereum has dropped to $2,650 and shows no signs of stabilizing. The next key resistance level sits around $3,200. If ETH gets rejected there, traders should watch for fresh short opportunities. A reclaim above that level, however, could open the path toward $3,530.
Ethereum is also approaching the $2,580 daily support level, where reversal-long setups might materialize. Liquidity remains concentrated at higher levels, so the strategy seems clear: look for longs at support and shorts near resistance.
Crypto trader Don noted that Solana (SOL) is now resting on a major support level, though what happens next remains anyone's guess.
Current Prices Across Major Cryptos
Here's where things stood: Bitcoin was trading at $82,227, Ethereum at $2,685, Solana at $124.06, and XRP at $1.87.
Meme Coins Get Hammered
The meme coin sector took an even harder beating, plunging 10.9% and briefly touching a $44.4 billion valuation. Dogecoin (DOGE) couldn't catch a bid despite the 21Shares Doge ETF making its debut on Thursday. Sometimes not even new investment products can fight the tape.
That said, trader Tardigrade spotted a fresh bullish divergence forming on Dogecoin's daily chart. These patterns often signal a weakening downtrend, though whether that translates to an actual bounce is another question entirely.
Dogecoin was priced at $0.1306, while Shiba Inu (SHIB) traded at $0.00007714.
The crypto market has a way of humbling everyone eventually. Whether this is just a healthy correction or the start of something nastier depends on what happens at these key technical levels. For now, the bears are firmly in control.
