The past day wasn\u2019t kind to the cryptocurrency markets, as bitcoin slumped below a crucial support level and dipped to a three-week low of under $109,000 yesterday.<\/p>\n
Most altcoins crashed even harder, which is why the leveraged liquidations have skyrocketed to nearly $1 billion, according to CoinGlass.<\/p>\n It was less than a week ago when the primary cryptocurrency stood tall at $118,000 after the US Federal Reserve cut the interest rates for the first time this year. However, the asset failed to maintain its run and started to lose value rapidly.<\/p>\n Harrowing trading days were Monday (September 22) and Thursday (September 25). At first, BTC dumped from $115,500 to $112,000. It managed to recover some ground mid-week, but the bears initiated another leg down yesterday, which drove bitcoin further south to its lowest position since the start of the month at $108,600 (on Bitstamp).<\/p>\n Although it has recovered around a grand since then, BTC is still below $110,000, which is a crucial support level, according<\/a> to Ali Martinez. The next one actually managed to hold the freefalls, which is set at $108,530.<\/p>\n As usual, many industry observers and commentators began speculating on the state of the correction. Some, such as Peter Schiff, called<\/a> it the start of a bear market.<\/p>\n Crypto analysts remain more optimistic. Captain Fabrik, for instance, referred to the current retracement as a \u2018healthy\u2019 one and predicted<\/a> a surge to $140,000 as long as BTC can reclaim the $113,000 resistance.<\/p>\n Nevertheless, almost all altcoins followed bitcoin on the way south, posting massive losses. Ethereum is among the poorest performers as it lost the $4,000 support and slumped beneath $3,900 yesterday. XRP is deep in the red as well, dumping by 10% weekly and struggling to remain close to $2.80.<\/p>\n This enhanced volatility has harmed over-leveraged traders, as the total value of wrecked positions has shot up to almost $1 billion on a daily scale. More than 225,000 such market participants have been liquidated daily.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n![\"Liquidation](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2025\/09\/BTCUSD-22.png\")
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