Bitcoin’s Epic Fail & AI Tokens’ Hilarious Rise! 🤣🚀

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Over 110K traders were 💥liquidated💥 in the past 24 hours, with around $182 million being wiped off. Bitcoin faces resistance at $98,800, where the 20-day EMA currently rests. AI tokens AI16Z and ARC soared significantly in the past day amid massive whale purchases.

Market-leading digital currency, Bitcoin BTC, lost the $97,000 price level after a 1.15% price drop in the last 24 hours. While bulls tried to push above the resistance at $100,000, the bears brought the price action down to $96,000, a price level that barely hangs on. Amid this uncertainty, over 110,923 traders were liquidated in the past day. 

According to Coinglass data, a substantial $182.34 million was wiped off from the digital asset space in the past 24 hours, including $105.61 million in longs and $77.01 million in shorts. The biggest liquidation event of $1.97 million occurred on the leading exchange, Bybit, for the BTCUSDT pair. It is quite possible that Bitcoin could retest lower levels before reattempting a breakout above $100,000.

It is important to note that the Coinglass Liquidation Map confirms that if Bitcoin turns bullish and claims the $99,100 price level, a staggering $1.25 billion in BTC shorts will be wiped off from the digital asset space. Reclaiming the $100,000 price level would result in $1.80 billion worth of short liquidations for Bitcoin.

The 20-day Exponential Moving Average (EMA) is currently presenting massive resistance for the Bitcoin price action. The 20-day EMA stands at 98,800, and reclaiming this level with substantial volumes could result in a bullish reversal for BTC.

ADA, AI Tokens Soar amid Bitcoin Dip

While the Bitcoin price action remained uncertain, the altcoin sector turned bullish, with ADA skyrocketing 9.73% in the past 24 hours. At press time, the virtual currency is trading at $0.7699, as per CoinMarketCap data. The price surge was the result of digital asset management firm Grayscale throwing ADA’s name in the exchange-traded fund (ETF) race. 

On the other hand, artificial intelligence tokens, including Bittensor TAO, which soared 5% in the past day, also turned bullish. Kaspa KAS also jumped about 5%, AI Rig Complex (ARC) skyrocketed more than 41%, and ai16z AI16Z shot up close to 30% in the past 24 hours. ARC and ai16z’s price surge was a result of a new whale, “8u6u3,” buying 12.511 million ARC and 6.508 million AI16Z tokens.

Destra Network (DSYNC) and Qubic (QUBIC) also turned bullish, shooting up around 7% and 9%, respectively. The total market cap of the AI sector stood at a monumental $34.73 billion but is expected to grow further.

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2025-02-11 22:20