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On July 5, 2024, the cryptocurrency market experienced a massive sell-off after <a href="https://news.todayq.com/mt-gox-set-to-repay-2014-bitcoin-hack-victims-btc-dips-to-61k/" rel="noopener noreferrer nofollow">Mt. Gox </a>moved a significant 47,000 Bitcoin (BTC) worth $2.7 billion. Following this huge BTC transfer, the market was badly impacted, with traders experiencing over $685 million in liquidation according to the data from an on-chain analytic firmCoinGlass. $685 million of liquidation amid crypto crash&nbsp; 
However, with this massive $685 million liquidation, the traders who were long or expecting the market to go up experienced a huge $590 million liquidation. Meanwhile, bearish short sellers also faced $95 million of liquidation. Additionally, the single highest $18.48 million liquidation happened on the world’s biggest cryptocurrency exchange Binance in the ETHUSDT pair. Source: CoinGlass 
This liquidation was caused by heavy selling pressure as top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP (XRP), plunged significantly. According to CoinMarketCap, in the last 24 hours, BTC, ETH, SOL, and XRP have lost more than 7.5%, 11%, 8%, and 15% of their value, respectively.
If we break this liquidation, the highest liquidation is seen on BTC as $226 million worth of long and short got liquidated. On the other hand, ETH and SOL experienced a massive liquidation of $166 million and $24 million in the last 24 hours.
Besides this massive liquidation and selling pressure in the market, the open interest or the number of unsettled future bets is also declining by 12%. This drop in open interest signals that investors or whales leaving the current market.&nbsp; Bitcoin technical analysis and key levels 
According to expert technical analysis, BTC is looking bearish as it falls below 200 EMA (Exponential Moving Average). If we look at BTC on a daily time frame the next support that BTC may get near to the $52,500 level. Additionally, if BTC reaches this $52,500 level then we may experience more liquidation of $173 million.&nbsp;
Looking at the current market scenario, if the BTC daily candle closes below the $52,500 level then the price may fall to a level of $48,000. However, RSI is highlighting that BTC is in an oversold area, meaning a potential pullback.
Following all these updates and price predictions, BTC is currently trading near the $54,000 level, and in the last 24 hours, it experienced a massive 8% price drop. If we look at the performance of BTC over a longer period, in the last 7 days it lost nearly 12% of its value. Whereas, in the last 30 days BTC has experienced a 24% price drop.

Crypto liquidation reaches $685 million, as Mt. Gox moves BTC

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