Traders who were holding long positions on Bitcoin (BTC) experienced significant pressure today as the price of the cryptocurrency is dropping for the second consecutive day and losing 4.7% in the past 24 hours.
Data from CoinGlass indicates that $252 million worth of long positions in BTC have been liquidated in the past day as the market seems to be shaking off some excessive leverage off its shoulders.
Overall, a total of $811 million worth of long positions have been swept across the entire market during this period while 321,546 traders were impacted by this recent turmoil.
Based on CoinGlass data, the past 24 hours have seen the second and third-highest amount of liquidated long positions since the year started.
A significant number of stop-loss orders may have been triggered as BTC dropped below the $100,000 psychological support area ahead of the U.S. session.
The best meme coins like Dogecoin (DOGE) and Pepe (PEPE) have also experienced even sharper losses during this same period as they are shedding 10% and 15.7% respectively in the past 24 hours.
Despite this latest weakness, BTC still accumulates gains of 7.6% since the year started. This week will be critical to the financial markets as the Federal Reserve is expected to convene on Wednesday to discuss their monetary policy.
Interest Rate Decision Will Determine Trajectory of Bitcoin This Week
The market is expecting that they will make any changes to interest rates. Hence, any surprising moves could rattle the markets. For example, an interest rate cut may result in a robust recovery for digital assets, while an unexpected increase in the federal funds rate will result in the exact opposite.
From a technical standpoint, Bitcoin’s latest price action has confirmed a bearish double-top pattern.
This is a high-probability setup that typically results in the beginning of a short-term downtrend for the asset. The MACD has confirmed the pattern’s bias as it has already sent a sell signal.
Meanwhile, trading volumes last week were above the average as bulls tried multiple times to push the price near the token’s latest all-time high but failed.
They seem to have already capitulated, and sellers have now taken over the price action. In the near term, we could see Bitcoin dropping near the $90,000 level to rest that psychological marker.
Buyers who entered at this level the last time may be taking some profits off the table and waiting on the sidelines until the Fed comes out with its customary press release.
Mind of Pepe ($MIND) Could Be One of the Best New Crypto Coins to Buy in 2025
The crypto market may be retreating today, but this temporary hiccup is not deterring investors from pouring money into one of the best crypto presales of the year – Mind of Pepe ($MIND).
The rise of AI agents and meme coins are two of the most relevant trends in the crypto market in 2025.
This project aims to capitalize on the hype by introducing an intelligent agent that leverages social media trends and interactions with human accounts to deliver valuable insights to $MIND holders.
The Mind of Pepe AI agent is designed to build communities of loyal followers by analyzing and acting upon the topics that capture their interest. With this information, it can create new digital assets and give $MIND investors the upper hand when they are prepared to be launched into the marketplace.
In less than two weeks, Mind of Pepe has raised $4 million from investors. The token $MIND is currently offered at a heavily discounted price of $0.0032016. However, this price is only available for the next 12 hours, as it will then be increased to reward early buyers.
To buy $MIND, visit the official Mind of Pepe website and connect your wallet. You can either convert USDT, BNB, or ETH tokens or use a bank card to complete the transaction.
Analysts agree that the success of the Mind of Pepe presale in such a short period indicates that $MIND could be one of the best meme coins of the year. Don’t miss out!
