Crypto market tumbles: Bitcoin drops to $77k and Ether to $2.4k

The crypto market is experiencing an extreme price movement. After a rally of nearly 30% in five days, Bitcoin falls back to around $77.000, causing $1.82 billion in positions to be liquidated within 24 hours. XRP loses no less than 21% at one point within minutes, while other altcoins also take heavy hits. According to market observers, the volatility is comparable to that of October 2025.

In brief:

• Bitcoin reaches $79.500 after a five-day rally, but then sharply pulls back to $77.000
• In 24 hours, $1.82 billion in crypto positions is liquidated, of which $1.04 billion in short positions
• XRP temporarily loses 21% within minutes, HYPE and ETH also drop sharply

Bitcoin reaches overbought level of November 2024

Bitcoin peaks at $79.500 after a five-day rise of nearly 30%. According to Coin Bureau, that is the most overbought level since November 2024. That strong rally proved unsustainable: a sharp decline quickly follows and pushes the price back to around $77.000.

In the past hour, Bitcoin loses 2.85%, Ethereum 5.72% and XRP at one point no less than 21%. The market is moving at a speed not seen since October 2025.

Billions in positions wiped out by extreme moves

The pullback particularly affects traders who work with leverage. In the past hour alone, $474.72 million in long positions is liquidated, compared with $80.36 million in short positions. Over the past 24 hours, the total amounts to $1.82 billion, of which $777 million in longs and $1.04 billion in shorts.

Bitcoin accounts for the largest liquidations with $616.80 million, followed by Ethereum with $411.71 million. XRP and Solana follow with $107 million and $110 million respectively.

The price chart of XRP and HYPE shows how quickly positions can be wiped out. XRP rises in a few days from around $1.00 to above $1.60, but then falls back just as quickly to $1.52. HYPE makes a similar move from around $57.000 to a peak of above $82.000, after which a sharp correction also follows here.

A market observer on X warns that price movements such as those of XRP and HYPE precisely illustrate how dangerous leveraged trading is in the current market. He states that he has not seen the crypto market this risky for traders in a long time.

Market remains nervous after overbought signals

The Bull Score Index for Bitcoin recently returned to bullish for the first time since October 2025, but the current decline shows that extreme levels can quickly reverse. The options market around $77.000 was already active, indicating that traders anticipated further movements at this level.

At the time of writing, Bitcoin trades at $77.272, still 2.5% higher than 24 hours ago. The big question is whether the market stabilises at this level or whether the correction continues further now that overbought signals have played out.