$567,390,000 in Liquidations Hits Crypto Markets As Analyst Warns of ‘Trouble Area’ for Altcoins

Digital assets markets started off the week in the red after Bitcoin ( BTC ) lost the $100,000 level and fell to $97,470, dragging most altcoins into corrections as well. According to crypto data aggregator CoinGlass , there have been over $567 million in liquidations in the last 24 hours, most of them leveraged long positions in Bitcoin. Closely followed analyst Rekt Capital tells his 519,000 followers on the social media platform X that the correction in altcoins has happened at a key point of resistance in the OTHERS chart, which tracks the total market of digital assets excluding the top 10 and is often used to gauge altcoin strength. “Altcoin Market Cap has performed a Weekly Close above $425bn (black) for the 1st time since 2021 Black has always been a trouble area That said, it’s likely Altcoin Market Cap will experience a much weaker rejection to prompt a much shallower retrace” Source: Rekt Capital/X In another potential ominous sign for altcoins, the analyst also points out that Bitcoin dominance (BTC.D), which measures how much of the total crypto market cap belongs to BTC, is looking oversold based on the relative strength index (RSI) on the daily chart. An oversold RSI typically implies a bounce back for the asset – in this case for BTC.D which suggests pain for altcoins. “Daily Bitcoin Dominance RSI has dropped to its lowest point since August 2023 The BTCDOM RSI dropped to ~22 Over the past few years, BTCDOM dropped to such low RSI levels only 3 times Each time preceded a BTCDOM reversal to the upside.” Source: Rekt Capital/X At time of writing, BTC is trading at $97,546. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Featured Image: Shutterstock/Ico Maker The post $567,390,000 in Liquidations Hits Crypto Markets As Analyst Warns of ‘Trouble Area’ for Altcoins appeared first on The Daily Hodl .