Bitcoin slides below $88K, triggering $135M in crypto long liquidations in the past hour

Volatility returned to the crypto market as Bitcoin dropped below $88,000 on Sunday, resulting in approximately $135 million in long position liquidations within the last hour. This decline followed a retreat from a weekly high above $92,000 reached on January 19, with Bitcoin trading near $87,743, down 1.5% for the day and nearly 8% for the week. Market sentiment has shifted to fear, indicated by the Fear & Greed Index score of 25. Analysts suggest a false breakout above the $95,938 resistance level catalyzed the downtrend, warning that Bitcoin might test support at $86,561 or potentially slide toward $80,000 without a reversal. The broader crypto market cap fell to $3 trillion, impacting major altcoins like Ethereum, Solana, and XRP. Despite the weekend selloff, Michael Saylor, executive chairman of Strategy, hinted at a potential future Bitcoin purchase for the company, which currently holds 709,715 BTC.

(Source：Crypto Briefing)