Bitcoin Market Crash: BTC Tumbles 7% to $97,020, Triggering Broader Crypto Sell-Off

The cryptocurrency market faced a sharp pullback as Bitcoin tumbled 7% to $97,020, just two days after reaching a record high above $108,000.

Bitcoin price crashed sharply on Wednesday, pulling the broader crypto market down with it. The world’s largest cryptocurrency plunged below the $97,000 mark after setting a new record high above $108,000 just two days ago.

As covered by CNF recently, after Bitcoin crashed below $53,500, the recent sell-off has brought BTC closer to a critical support level around $48,000.

Bitcoin Price Crash Predicted Earlier

This massive sell-off, which began on Wednesday, was predicted by several market commentators. In fact, as Bitcoin price crashed to new lows recently, setting the stage for a new sell-off, a recent update noted that BTC could soon experience another downturn.

The recent sell-off also comes as several platforms highlighted Bitcoin’s bullish narrative and whether the cryptocurrency still belongs in investors’ portfolios. According to The Motley Fool platform:

“The narrative around Bitcoin is extremely bullish at the moment. Smart investors will realize that this has happened before. In 2013, 2017, and 2021, investors got increasingly optimistic about Bitcoin right before a price crash. Is the cryptocurrency setting up for another crash in 2025? Let’s take a closer look at Bitcoin as we sit here in December 2024 and whether the cryptocurrency belongs in your portfolio today.”

ETH, XRP, DOGE Suffer Steep Losses

As Bitcoin price crashed sharply on Wednesday, other major cryptocurrencies also experienced significant sell-offs. Among the top 10 coins, Ethereum led the losses with a 12% drop, trading at $3,422. XRP also declined steeply, trading at $2.22 with an 11% loss.

Dogecoin, on the other hand, experienced one of the hardest跌幅, plummeting nearly 20% to approximately $0.31. This steep sell-off erased a large portion of DOGE’s recent momentum, which saw the meme coin rally to new highs.

Solana also joined the sell-off, slipping below the $97,000 threshold to $191, marking a 12% loss. These steep losses amplify the broader sell-off, reflecting uncertainty and profit-taking among investors.

$1.17B in Crypto Liquidations in Past 24 Hours

The sharp market downturn over the past 24 hours has led to total liquidations amounting to $1.17 billion, according to CoinGlass data. Bitcoin liquidations alone reached $241 million.

As evident from the data, Bitcoin’s massive sell-off is having a significant impact on the broader market. The platform also tracks total crypto liquidations, which are currently valued at $1.17B.

BTC Price Analysis Past 24 Hours: Once More Below $100K

Bitcoin is trading at $96,790.06 at the time of writing, down 4.40% over the past day and 3.11% over the past week. The fourth-largest loser in the top 10 is BTC, as the coin is now down 9% over the past 14 days.

The recent price action forms a bearish engulfing candle on the four-hour chart. This indicates selling pressure after Tuesday’s candle, which showed a strong wick to the upside.

Bitcoin’s price range over the past 24 hours spans from a low of $96,566.03 to a high of $100,673.53. Total volume traded in that period is pegged at $6.33 billion.

Bitcoin is now valued at $1.84 trillion, maintaining its dominance rate in the cryptocurrency market at 39.40%, down 1.13% from the previous day.

Total crypto market cap now stands at $2.39 trillion, showing a 4.35% loss in the past 24 hours, reflecting the cascading effect of BTC’s sell-off. This sell-off comes as several analysts predict that Bitcoin could soon face another sell-off. In fact, as BTC price crashed to new lows recently, setting the stage for a new sell-off, a recent update noted that BTC could soon experience another downturn.