Bitcoin Liquidations Surge as Price Slides Below $77,000: Is the Crypto Bull Run Over?

It’s not every day you see $320 million in Bitcoin liquidations and the market barely blinks. But that’s exactly what happened in the past 24 hours, as Bitcoin’s price crashed below $85,000, then sliced through $77,000 like it was butter in a microwave. The forced unwind was so violent that even the most seasoned degens had to pause their Discord memes and check their margin calls.

The real story isn’t just the price action—it’s the utter evaporation of liquidity and the way the dominoes fell across the entire crypto complex. According to Coinpaper, Bitcoin’s crash below $85,000 triggered a cascade of liquidations, with $320 million vaporized in a matter of hours. Ethereum, not wanting to be left out, dipped below $2,200, and $150 million in longs were sent to the shadow realm. Solana, meanwhile, got hit by a $30 million hack and promptly lost its grip on the $100 handle. Altcoins followed suit, with XRP sliding to $1.60 amid a $4 billion volume swell, and LINK, XMR, and the rest of the alphabet soup bleeding out as well.

If you’re looking for a single culprit, you’ll be disappointed. The selloff was a cocktail of weak liquidity, leveraged longs getting torched, and a sudden risk-off mood that swept through Asia as metals markets turned volatile. As cryptonews.com put it, Bitcoin flirted with $75,000 as Asian equities slipped and metals traders ran for cover. It’s a reminder that in 2026, crypto is as much a macro asset as it is a playground for retail speculation.

But the real kicker? This was supposed to be the era of institutional adoption, with ETFs, regulated stablecoins, and TradFi bridges. Instead, the algos went haywire and the market structure looked as fragile as ever. The total crypto market cap took a hit, and the “buy the dip” crowd found themselves catching falling knives with no bottom in sight.

The last time Bitcoin saw this kind of two-day wipeout was back in April 2025, when a similar leverage unwind sent prices tumbling. But this time, the context is different. There’s less fresh capital coming in, as noted by ambcrypto.com, and the narrative of “number go up” is starting to look tired. The forced liquidations reveal just how much of the recent rally was built on leverage, not conviction.

Cross-asset correlations are back in play. Asian equities got spooked, metals turned volatile, and even US risk assets are showing signs of stress as Treasury issuance drains liquidity. The crypto crash isn’t happening in a vacuum—it’s part of a broader risk-off move that has traders rethinking their exposure across the board.

So what’s the takeaway for traders? The market is still digesting the carnage. Bitcoin is hovering near $77,000, but the real support sits closer to $75,000. If that level goes, the next stop could be the April 2025 lows around $68,000. On the upside, any bounce that fails to reclaim $85,000 is likely to be sold into by trapped longs and risk-averse funds.

Strykr Watch

The technicals are a mess. Bitcoin is stuck in a no-man’s-land between $75,000 support and $85,000 resistance. The 50-day moving average is rolling over, and RSI is in oversold territory but not yet at extremes that would signal a reversal. Ethereum’s $2,200 level is critical—lose that, and $2,000 is in play. Solana needs to reclaim $100 to avoid further downside, but the hack has shattered confidence for now.

Volume profiles show a vacuum below $75,000, meaning any further selling could accelerate the drop. Order book depth is thin, and the perpetual funding rates have flipped negative, suggesting that the pain trade is still lower. Watch for signs of capitulation, like a spike in open interest liquidations or a sharp reversal candle on high volume.

For altcoins, the picture is even uglier. XRP’s $1.55 support is the last line of defense before a potential freefall. LINK and XMR are following Bitcoin’s lead, and there’s little evidence of rotation into safer assets within crypto. Stablecoins are seeing inflows, but that’s more about risk aversion than dry powder for the next rally.

The macro backdrop isn’t helping. Treasury settlements are draining liquidity, and the risk-off mood in Asia is bleeding into global markets. Don’t expect a quick V-shaped recovery unless we see a coordinated reversal in risk sentiment across equities, metals, and crypto.

The risks are obvious. If Bitcoin loses $75,000, the next wave of liquidations could send prices tumbling toward $68,000 or lower. A failed bounce to $85,000 would trap even more longs and set up another leg down. Regulatory headlines or another major hack could accelerate the selloff. And if liquidity continues to dry up, the entire crypto complex could be in for a prolonged period of pain.

But there are opportunities for the nimble. A flush below $75,000 that quickly reverses could be a classic capitulation bottom, offering a high-risk, high-reward long setup. Shorting failed bounces to $85,000 with tight stops could pay off if the downtrend persists. For those with patience, scaling into spot positions near multi-month support levels may offer asymmetric upside once the dust settles.

Strykr Take

This is a market for professionals, not tourists. The days of easy gains are over, and the leverage unwind is exposing just how fragile the crypto rally really was. If you’re still standing, keep your stops tight and your position sizes small. The next move will be violent, one way or the other. Strykr Pulse 38/100. Threat Level 4/5.