Bitcoin remained above the $75,000 mark after a sharp selloff wiped out more than $1 billion in leveraged crypto positions. Traders are now watching whether the world’s largest cryptocurrency can hold support near recent lows.
According to market reports, Bitcoin briefly fell below $76,000 during Thursday’s selloff before stabilizing. The decline came as technology stocks weakened and risk assets faced renewed pressure across global markets.
CryptoRank reported that crypto liquidations topped $1 billion within 24 hours. Data cited from CoinGlass showed that more than 207,000 traders were affected as prices dropped across major cryptocurrencies.
Market Selloff Hits Crypto
Bitcoin touched an intraday low of around $75,463, its weakest level in several weeks. Ethereum and other major cryptocurrencies also posted losses as traders reduced exposure to riskier assets.
The selloff was not limited to crypto. U.S. stock markets also moved lower, with technology shares facing heavy pressure. Analysts noted that digital assets and growth stocks reacted in a similar way as investors became more cautious.
The weakness spread across the crypto market. Ethereum traded near $2,220, while XRP changed hands around $1.20. Solana hovered near $89, and BNB traded around $690.
Meanwhile, Bitcoin remained close to $75,600 as traders looked for signs of support above the $75,000 level.
Just a day earlier, Bitcoin had traded above $81,000. The sudden reversal caught many leveraged traders off guard and triggered a wave of forced liquidations.
Why Traders Are Watching $75,000
The $75,000 level has now become an important area for the market. If Bitcoin remains above it, buyers may gain confidence that the recent decline was a short-term correction rather than a broader trend change.
On the other hand, another move lower could increase pressure on smaller cryptocurrencies, many of which tend to experience larger swings than Bitcoin during market downturns.
For now, traders are closely watching incoming economic data and investor sentiment. Those factors could determine whether Bitcoin recovers from the latest selloff or faces another test of support in the coming days.
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