MN Fund founder Michael van de Poppe said a Bitcoin rebound could help spark another rally in altcoins, particularly tokens that had performed well in August.
- The decline pushed Bitcoin below its 200-week moving average, a long-term trend indicator that traders monitor as a potential support level.
- Ethereum, Solana, and XRP also dropped but took a smaller hit than Bitcoin in the last 24 hours.
- Bitcoin accounted for approximately $915 million of the liquidations, while Ethereum saw about $294 million.
Bitcoin’s (BTC) price dropped below $69,000 on Friday, with the dollar index at a 19-month high, wiping out about $1.6 billion in crypto bets.
The slide in BTC came as the U.S. dollar index (DXY) crossed 103 in morning trade, its highest level since April 2025. The index tracks the dollar against a basket of major currencies, and a stronger dollar often weighs on risk assets like Bitcoin.
According to MN Fund founder and crypto analyst Michael van de Poppe, a potential bounce in Bitcoin moving forward could start a fresh rally for altcoins. “The ones that have been running in August will be the ones taking off again. Fun times are ahead,” he wrote in a post on X.
Bitcoin’s price fell over 5% in the last 25 hours, trading at around $68,900 at the time of writing. On Stocktwits, retail sentiment around BTC trended in ‘extremely bearish’ territory over the past day.
Dollar Index Climbs To Highest Level Since April 2025
The fall in Bitcoin’s price brought the apex cryptocurrency below its 200-week moving average, the average of its weekly closing prices over roughly four years. Traders treat it as a long-term support level.
Meanwhile, the dollar index rose 0.26% to around 103.17 on Thursday. It is up about 5% since the start of the year. It fell to around 96 in February and has climbed since, with a stronger run from September.
Altcoins fell with Bitcoin, with Ethereum (ETH) down 3.5% in the last 24 hours, Solana (SOL) falling 2.4% and Ripple’s XRP (XRP) tumbling around 1.8%.
At the time of writing, Ethereum’s price remained below the $2,000 mark, while Solana’s price had risen back above $80 after momentarily slipping below that mark, and XRP’s price held above $1. All three saw retail sentiment trending in the ‘bearish’ zone over the past day.
Bitcoin Leads $1.6B Crypto Liquidations
CoinGlass data showed that around $1.6 billion in leveraged positions were liquidated over the past 24 hours. Most of these were bets on higher prices. Long positions made up for around $1.44 billion, while shorts were about $202 million.
Bitcoin was the biggest source, with $915 million in liquidations, followed by Ethereum, which logged about $294 million in losses.
The largest single liquidation was a $31.09 million Bitcoin long position on Hyperliquid, closed at $72,250.
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