Crypto Market Takes a Hit: Bitcoin Drops Below $96, 000

The crypto world is feeling the heat as Bitcoin's value tumbled below $96, 000. This drop isn't just about Bitcoin, though. Other big names like Ethereum and Dogecoin are also feeling the pinch. The market's fear level is high, with the Crypto Fear and Greed Index hitting a low point of 22. This means a lot of people are worried and pulling their money out. Bitcoin ETFs saw a massive outflow of $869. 9 million, the second-largest in history. Ethereum ETFs weren't far behind, with $259. 7 million leaving the market. All this selling led to $1. 11 billion in liquidations, affecting over 248, 506 traders. This shows just how volatile the market is right now. Experts are weighing in on what this means for the future. Ted Pillows pointed out that Bitcoin's previous bear markets started with a death cross, and we might be heading towards another one. Michael van de Poppe thinks Bitcoin needs to get back above $101, 000 to show any real sign of recovery. He also believes the 4-year cycle might have peaked, and sentiment needs to reset before things can improve. For Ethereum, Ali Martinez noted that 2. 53 million ETH were accumulated around $3, 150, making it a crucial support level. On the other hand, Solana's support is thin below $144, with the next big demand area around $124. Trader CW sees XRP as a good buy right now. The meme coin market isn't doing great either, with a 5. 8% drop to $53. 2 billion. Trader Tardigrade observed that Dogecoin is forming a multi-year triangle pattern, with a potential breakout near $1. 20. All this shows that the crypto market is going through a tough time. It's important for traders to stay informed and cautious.