Bitcoin’s Meltdown: $1.7B Lost, But Who Cares? 🤷‍♂️

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What’s the deal with Bitcoin? It’s like, “Oh no, it dropped again!” But who’s counting? $1.7 billion gone, but hey, at least the traders are having a party! 🎉💸

In just one hour, the market saw liquidations of $1.07 billion. Long positions, which bet on prices going up, made up $1.05 billion of the losses, while short positions added around $27 million. What’s the difference? Like, the longs are the ones who thought it would go up, and the shorts… well, they’re just there to make money when it goes down. But both lost. What’s the point? 😂

Ethereum (ETH) was the hardest hit, with $308.22 million liquidated, including $297.32 million from longs and $10 million from shorts. So, the longs are like, “I thought it would go up!” and the shorts are like, “I thought it would go down!” But neither was right. Classic. 🤯

The total losses over longer periods multiplied. In one hour, liquidations stood at $1.08 billion, in four hours at $1.11 billion, and over 12 hours at $1.57 billion. The largest single liquidation order came on OKX, in the BTC-USDT-SWAP pair, for $12.74 million. What’s the deal with OKX? They’re like the crypto version of a rollercoaster. 🎢

Why Bitcoin fell

Bitcoin’s drop came from a mix of technical weakness, large holders moving funds, and pressure from leveraged trading. What’s technical weakness? It’s just a fancy way of saying “the market is confused.” 🤷‍♂️

Bitcoin fell below a key support level at $115,400, triggering automatic selling in the market. It also stayed below its 30-day average of $112,935, showing that short-term momentum was weakening. What’s momentum? It’s like a car without gas. 🚗💨

Traders use the RSI to measure how strong buying or selling is in the market. Bitcoin’s RSI is currently 53.65, which is neutral, but it indicates that buying momentum is starting to weaken. Neutral? That’s like saying “meh” to a firework. 🎆

Whales, or major market players, increased the selling pressure. Meanwhile, earlier this month, a long-dormant wallet moved 1,000 BTC ($116.6 million) after 12 years, sparking concern among traders. What’s next, a time capsule? 🕰️

Leverage trading also made the market fragile. As Bitcoin approached $117,000, many traders had large long and short positions. Open interest, which shows the total value of active contracts, jumped to $937 billion. When the price dropped, these positions were automatically closed, which caused a chain reaction of losses. Like a game of Jenga… but with money. 🧱💸

Market impact and price action

Bitcoin’s market value is now $2.25 trillion, down 2.41%, with trading volume surging 73.7% to $40.62 billion. The total crypto market fell 4.51%, bringing its value to $3.87 trillion. So, people are trading more, but not necessarily buying. Just moving money around. The crypto market is down 4.51%, so it’s like, “Hey, let’s all lose money together!” 💸

From September 18-20, Bitcoin moved mostly sideways, but after September 20, it started trending down. On September 22, a sharp drop occurred. During one hour, the price opened at $113,691, reached a high of $113,698, fell to $111,800, and closed at $112,863. What’s the deal with this price? It’s like a yo-yo. 🪀

The long lower wick on this candle shows that sellers pushed the price down sharply, but buyers stepped in at $111,800, pushing it back above $112,800 before the hour closed. Buyers tried to hold the price, but it still closed lower, showing sellers were stronger. Classic. Like a game of tug-of-war, but no one’s winning. 🧸

What comes next

The key level to watch is $111,800. If buyers continue to defend it, Bitcoin could bounce to $113,500-$114,500. A move above $115,000 would signal recovery. If it breaks below, the price could fall toward $110,000-$111,000, with deeper losses pushing it as low as $108,000-$109,000. What’s the deal with this price? It’s like, “We’ll see if it holds, but honestly, who knows?” 🤷‍♂️

For now, what happens around $111,800 will decide if Bitcoin can hold steady or continue to fall. What’s the deal with this number? It’s just a number. But somehow, it’s everything. 🧠

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2025-09-22 11:18