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Crypto Liquidations Top $506M as BTC Teases Below $113k
The crypto leveraged market, led by Ethereum ETHUSDT, recorded more than $506 million in net liquidations during the last 24 hours. According to market data analysis from CoinGlass, 143,027 traders were liquidated, with long traders involving more than $430 million compared to $77 million in short traders.
The wider crypto market followed major stock indexes in intraday correction. For instance, the S&P 500 dropped 0.6 percent on Tuesday while the NASDAQ index dropped 1.5 percent in the last 24 hours.
Top Reasons Why Crypto Dropped Today In the past two days, the overall demand for Bitcoin and Ethereum by institutional investors has significantly declined. For example, the U.S. spot Ether ETFs have recorded a net cash outflow of more than $250 million in the past two days led by BlackRock’s ETHA.
Additionally, the U.S. spot BTC ETFs, led by BlackRock’s IBIT, recorded a net cash outflow of more than $130 million in the last two days. On-chain data analysis also shows an accelerated selloff by whale investors.What are Midterm Expectations for Crypto Bull Market
The crypto market is awaiting tomorrow’s FOMC meeting minutes and U.S. unemployment claims to gauge Friday’s Fed Chair Jerome Powell speech. Furthermore, last week’s hotter than expected inflation data has faded the bets on Fed rate cut in September.
The midterm crypto outlook will heavily be influenced by Bitcoin and Ethereum’s price action. As for ETH, the lower edge of the CME gap around $4,098 remains a magnet, with technical analysis showing $4k as a major support level. Meanwhile, Bitcoin price must hold above the support level around $113k to invalidate a potential retrace towards $109k in the coming weeks.
Nvidia Corporation – NVDA
Nvidia NVDA dived around 2% after U.S. Treasury Secretary Scott Bessent noted the company will need licenses for new chip exports to China. Earlier this month, both Nvidia and AMD reportedly agreed to return 15% of their Chinese AI chip revenues to the U.S. government in exchange for those licenses.
Now not only that Nvidia lost 3.5% in continuation of that dive, but right now in Post market tade it continued to fall further.
Technically , as long as it finds a footing above 168.70 and even 163.10 Nvda will continue Up.
Resistances: 176.25, 178.05 & 182.50
XRPUSD
Ripple broke the uptrend support at 3.0500 and channel support line at 3.0285 in one go.
It is now back in the lower channel 2.1500-3.0500
Resistances: 2.9500, 3.0400 & 3.0735
Supports: 2.8035, 2.7275 & 2.6560
Unless it turns Up tomorrow and break above 3.0735 , levels 2.60 & 2.15 should be seen in weeks to come.
Updated to include an addendum with Tuesday’s NAS100 liquidating market.
What is a Liquidating Market and How to Trade It?
Palantir Technologies Inc. – PLTR
The downturn was primarily triggered by a renewed warning from short-selling firm Citron Research, which stated the stock’s valuation is “super disconnected from its fundamentals” and drew comparisons to the dot-com bubble.
9.5% dive and All Bets are OFF
This is not anymore a correction – Free fall seems adequate
164.15 & 158.45 lost in one go ….
First possible support is at 151.05
US500 (SP500)
Followed the lead of the weaker NAS, albeit reluctantly but nevertheless broke support.
Pattern: 2 blue Amazing Trader lines drawn off the record high indicating a potential top and change in direction confirmed by the break of 6434… while below it, 6400 (psychological) stands in the way of net support at 6367.
US500 4 HOUR CHART
NAS100 (NASDAQ)
As I have been posting:
While it’s hard to bet against the NAS, it is also hard to ignore the charts, especially this Amazing Trader pattern..
3 blue Amazing Trader lines drawn off the high often sees an acceleration to the downside.
Now that the move down has accelerated, to keep it in check, NAS100 needs to stay above 23500… currently being pivoted.
Below 23500 lies 23408, 23234, 23009 ahead of 23000.
NAS100 4 HOUR CHART
What’s hot and what’s not?
What’s hot?
The dollar is holding firm but mixed
US bonds are firmer (yields down)
What’s not?
AUD, CAD, NZD are weaker vs the USD
GOLD is weaker despite a risk off mood
US stocks are weaker with an underperforming NAS100 dragging down US500
BITCOIN is down, falling further below 120,000
Hims & Hers Health Inc. – HIMS
Many talking on the street about HIMS coming into the Demand zone and similar blubber…
First to understand the facts:
Hims & Hers Hit With Investor Lawsuit Over Illegal GLP-1 Drugs
Such a Legal Fundamental issue can bring down even way bigger companies…
On the technical front, thinking that previous low at 40.88 represents a real support ( demand zone) might be in for a big disappointment.
If HIMS can find a support anywhere right now it is at 30.60 – Uptrend Channel trendline coming back from September 2024.
This is a free fall for now – so try to stay away from speeding train…
Palo Alto Networks Inc. – PANW
Palo Alto Networks rose 4.9% after reporting fiscal fourth-quarter earnings that topped analysts’ estimates and issuing first-quarter and fiscal 2026 guidance that also was better than forecasts.
Market reacted strongly Up and stock opened today with a sizeable gap.
190.00 now a resistance separating it from the upper half of the channel.
Top of the channel sits at 218.00
Support comes at 180.40
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