“The sell-off was fueled by heavy selling pressure, with trading volume surging 87% and algorithmic trading triggering a cascade of sell orders”, — write: www.coindesk.com
Translated by AI
The sell-off erased recent gains and cut through key technical levels, according to CoinDesk Research’s technical analysis data model. Trading volume surged 87% above its 24-hour average during the decline.
The price action followed a sharp drop in bitcoin BTC$109,490.10 and other cryptocurrencies and reflected a wider retreat in crypto markets as the market flushed off excess leverage. The broader market, as measured via the CoinDesk 20 (CD20) index, is down 2.74%.
The downturn gained momentum as algorithmic trading systems kicked in, triggering a cascade of sell orders that pushed prices lower. When demand finally caught up, BNB found tentative support around the $1,070 mark.
Attempts to bounce back were weak. Price stalled near $1,075, where selling resumed, keeping BNB locked in a narrow range. On shorter-term charts, momentum indicators have eased but not reversed, and buyers remain hesitant to commit without a clearer trend.
Whether this level holds could determine if the move was a one-off capitulation or the start of a deeper correction. For now, traders are watching $1,070 as a key support level.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Bitcoin and Ethereum fell sharply Tuesday, erasing weekend gains as traders assessed whether the market’s bounce formed a lower high.
- Bitcoin dropped to $107,800 and Ether to $3,867, reversing recent recoveries and approaching levels that could test October lows near $103,700.
- Futures open interest rose to $26 billion, while funding rates turned neutral to positive. Options data show traders paying a steep premium for upside exposure, signaling expectations of increased volatility.
- Despite Upbit and Bithumb listings driving temporary spikes in smaller tokens like SynFutures (F) and ZORA, most altcoins faced steep declines, with CAKE and ETHFI sliding about 10%.
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