The violence of the current movement isn’t solely explained by spot selling, but by excessive leverage<\/strong> that finally gave way. According to on-chain data reported by Coinpedia, the market has undergone a real cleansing.<\/p>\n\n\n\n In the span of just one hour, more than $230 million<\/strong> worth of Long (buy) positions were liquidated. Traders who were betting on a continuation of the rally with leverage found themselves trapped, forced to automatically sell their positions to cover their losses, which accelerated the price decline.<\/p>\n\n\n\n Over the last 24 hours<\/strong>, the bill is even steeper: total crypto liquidations climb to approximately $438 million<\/strong>. This phenomenon, known as a “Long Squeeze”<\/strong>, is classic after a consolidation period where trader optimism exceeds the reality of actual buying volumes.<\/p>\n\n\n\n Test Pionex’s free bots<\/strong> and take profits like a trading pro!<\/strong><\/p>\n\n\n\n Bitcoin<\/strong> isn’t the only victim of this purge. By breaking the $65,000<\/strong> support, the market leader sent an immediate weakness signal to altcoins. Ethereum<\/a> (ETH)<\/strong> and XRP<\/a><\/strong> followed the trajectory, posting significant losses.<\/p>\n\n\n\n Technically, the loss of $65,000 for BTC<\/strong> is critical. This level acted as an important pivot to maintain the short-term bullish structure. By closing hourly candles below this threshold, the bears are temporarily regaining control.<\/p>\n\n\n\nBitcoin, Ethereum and XRP: Technical Supports Have Given Way<\/h2>\n\n\n\n