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Red Death Descends: Market Bleeds as Bitcoin Slips

Well, that didn’t last long. The celebrations over Bitcoin crossing $100K were short-lived as the market turned red today. Bitcoin led the downturn with a sharp 6.3% drop, trading around $95,300 at press time. The broader crypto market followed suit, losing nearly 9% of its total value to settle at $3.47 trillion.

The heightened volatility triggered massive liquidations across the board. Coinglass reports $712 million in liquidations over the past 24 hours, with long positions making up 89% of the total.

• Bitcoin accounted for $130 million in liquidations.

• Ethereum led with $150 million.

Macro Factors Amplify Downturn

The price drop coincided with renewed fears about U.S. macroeconomic conditions. Stronger-than-expected job market data and growth in key sectors like finance and retail reignited inflation concerns.

Analysts suggest these factors could delay the Federal Reserve's anticipated rate cuts in 2025, increasing pressure on risk assets like crypto.

On-chain metrics show sustained demand for Bitcoin, with idle BTC volumes dropping relative to new supply from miners. However, short-term volatility is expected to continue.

What’s Next?

Bitcoin’s key resistance is now at $102,000, with support around $95,000. Traders are closely monitoring these levels as the market consolidates.

While long-term crypto adoption trends remain bullish, near-term sentiment hinges on macroeconomic developments.

The Fear and Greed Index dropped to 70 (Greed) from yesterday’s 78 (Extreme Greed). Scrolling through X, you’d think it should be closer to 7. Many are calling for the top, some claim the bull cycle is over, and others fear we’re heading into a bear market.

Yet, historical data suggests otherwise. As many observers have noted, “When the top is truly in, no one will be calling it.”

Is this just the inauguration pullback, or something more significant? Only time will tell. Stay safe out there.

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Todays Markets

Ordinals

Bitcoin Puppets and NodeMonkes are slipping together, inching closer to the critical 0.1 BTC level. As reported earlier, Quantum Cats have now officially flipped the Monkes.

OMB makes a strong return to the top 5, climbing 6% in value, while AILU continues to capture attention, holding comfortably above 0.02 BTC. It seems they’ve secured their place among the established mid-cap collections.

Pizza Pets and Unsanctioned Wizards are the biggest losers of the day, both down roughly 25%. The previously mentioned Based Angels dip slightly below their 0.02 "peg" on what’s been a generally red day, while OCM bucks the trend with a modest 4.2% gain.

Runes

While alts and memes on Solana and Ethereum are experiencing a full-blown bloodbath, Bitcoin Runes holders can at least take some solace in the fact that we were ahead of the curve, bleeding out starting 6 weeks ago. Always first in everything we do.

It’s still a red day across the board, but the drops are far less dramatic than the double-digit cascades seen elsewhere. Consider it a "red death lite."

Liquidium shows some signs of life, with hints that the team is actively working behind the scenes. For those interested in utility-focused plays on Bitcoin, this might be worth considering as a long-term hold.

Overall, the market remains stagnant. A dollar-cost averaging strategy might be the best approach here. What’s your strategy? Are you buying?

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