The crypto market is bleeding today, with BTC down over 2.5% in the past 24 hours and altcoins taking the hardest hit—many losing double digits—as bearish sentiment spreads and liquidations top $1.5B.
Summary
- Over $1.5B in leveraged positions were liquidated in the crypto market today, intensifying the sell-off and dragging total market cap below $3.83T.
- Bitcoin, Ethereum, and altcoins, including XRP, BNB, TON, and WLFI fell sharply, with XRP and TON testing key support levels, BNB cooling off from the recent rally to ATH, and WLFI giving back recent gains.
The crypto market dipped sharply over the past 24 hours, down 3.77% and adding to a 3.3% loss for the week. The total market cap slipped below $3.83T, putting pressure on major coins. At press time, Bitcoin (BTC) is down about 2.6%, Ethereum (ETH) has fallen roughly 6.4%, and most altcoins are seeing double-digit losses.
The sell-off comes as the initial optimism from the Fed’s recent rate cut fades and liquidations from overleveraged positions continue to weigh on sentiment. Over $1.5B in bullish positions were liquidated today, according to Bloomberg, hitting smaller tokens the hardest.
Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that hit smaller tokens hardest https://t.co/ZVxqhObkrH
— Bloomberg (@business) September 22, 2025
Let’s take a closer look at how some of the major altcoins are holding up and what the charts are showing.
Ripple (XRP) faced a sharp sell-off today, dropping nearly 9% intraday from the opening price of $2.97 to a low of $2.70. The retracement marked a breakdown below the confluence of the 0.382 Fibonacci retracement level and the 7-day EMA and bringing the price to retest a key horizontal demand zone between $2.70 and $2.85.
While buyers stepped in to defend this area, this retest is significant as this zone has served as a strong base since July. If this zone fails to hold, the next major level to watch lies at the 0.618 Fibonacci retracement near $2.6. The RSI is currently at 38, suggesting it has not yet entered oversold territory, leaving room for further downside.
BNB
Binance Coin (BNB) price extended its uptrend this week, reaching a new ATH of $1,083 yesterday. However, the rally showed its first signs of cooling today, as the price pulled back to an intraday low of $993, briefly dipping below the 7-day EMA. It has since rebounded and is currently trading back above the moving average at $1,030.
Today’s sell-off marks the first sign of cooling after a near-vertical ascent from the last retest of the rising trendline support. If the 7-day EMA fails to hold, the risk increases of a deeper pullback toward the ascending trendline, which aligns closely with the 0.382 Fib around $896. This trendline has been intact since June and has repeatedly acted as a launchpad for bullish continuation, making it a critical level to watch in the event of further downside.
TON
Toncoin (TON) saw one of the steepest declines in the crypto market today, falling almost 16% from the opening price of $3.064 to an intraday low of $2.575, accompanied by a spike in volume. The sharp drop marked a clean breakdown below the descending channel that had contained TON price action since late July.
The sell-off also pushed TON well below its 7-day EMA, which now sits overhead at $3.07, while the price currently trades around $2.82. This MA may now act as a resistance on any relief bounce as price recovers from the oversold territory, with the RSI currently at 26. Unless TON can quickly reclaim the lower boundary of the broken channel and stabilize within the structure, there’s a risk of further downside toward the $2.70 level, with the former trendline support potentially flipping into resistance.
WLFI
After a steady grind higher over the past week, World Liberty Financial (WLFI) price followed the broader crypto market in a sharp pullback today, retreating by 11% from the opening price of $0.24 to an intraday low of $0.21, effectively erasing most of its recent gains. The decline came shortly after price briefly broke above the 0.786 Fib at $0.23, hinting at a potential breakout that ultimately failed to gain traction. The rejection from above the Fib level now appears to have triggered a wave of profit-taking, with momentum quickly shifting to the downside.
The RSI on daily and 4-hour timeframes reflects this bearish turn as it has dropped below 50, to 45 and 42 respectively. This leaves room for further downside, potentially toward previous support at $0.18, if bulls fail to hold the critical $0.20 level.
