The cryptocurrency market encountered a wave of selling pressure that pushed Bitcoin lower and triggered roughly 600 million dollars in liquidations over a 24-hour window. The downturn extended losses from the previous session, with bullish positional wipeouts accounting for the vast majority of the totals and keeping market sentiment firmly in negative territory.
Market sentiment indicators underscored the cautious mood, as the Fear and Greed Index slipped to 33 compared to 39 previously. Out of the total 592 million dollars in liquidations recorded over the past day, long positions comprised 455 million dollars. This imbalance highlights how leveraged buyers caught on the wrong side of the market bore the brunt of the sudden downward correction.
Bitcoin maintained a weak near-term outlook as spot prices continued to trade below key moving averages, including the 50-day Exponential Moving Average near 64,960 dollars and the 200-day EMA near 74,126 dollars. Furthermore, a previously supportive upward trendline has flipped into resistance near the 76,870 dollar region, demonstrating that higher-timeframe sellers continue to cap any meaningful recovery attempts.
Momentum oscillators reflected ongoing softness, with the Moving Average Convergence Divergence crossing beneath its signal line to print a negative histogram. Meanwhile, the Relative Strength Index hovered at 45, indicating persistent downside momentum without entering outright oversold extremes. Analysts point to the 60,000 dollar psychological threshold as the next major area of interest if selling accelerates.
On the upside, initial resistance stands near the 50-day EMA at 64,960 dollars. Reclaiming this barrier on a daily closing basis would be required to alleviate immediate downside risks and clear a path toward the 200-day EMA at roughly 74,126 dollars, ahead of the broken trendline zone near 76,870 dollars.
Alternative coins faced severe headwinds alongside the flagship asset. Artificial Intelligence tokens and popular meme assets suffered the steepest declines over the 24-hour period. Artificial Intelligence Alliance extended its downward correction following a 9 percent drop in the preceding session, remaining constrained beneath its 50-day EMA at 0.1725 dollars and its 200-day EMA at 0.2282 dollars.
Immediate support for Artificial Intelligence Alliance aligns with the February 6 low at 0.1340 dollars, while a breakdown beneath that floor could open a path toward the 0.1000 dollar psychological mark and the 127.2 percent extension target at 0.0918 dollars. Other leading altcoins including Ripple and Stellar also hovered in negative territory after sustaining multi-percent losses, weighed down by weakening derivatives metrics and cautious macro sentiment tied to potential Federal Reserve policy shifts.
