Bitcoin Rejection at $85K Sparks Market Crash: $550M Liquidated as Altcoins Plunge

The cryptocurrency market experienced a sharp correction as Bitcoin's attempt to breach the $85,000 resistance level failed dramatically. This rejection triggered a cascade of liquidations exceeding $550 million across major exchanges, leading to a severe plunge in altcoin prices. Major cryptocurrencies like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) saw significant double-digit losses, underperforming Bitcoin (BTC) in the downturn. Analysts point to overheated leverage in the market as the primary catalyst, with the sudden price drop forcing a massive unwind of long positions. This event highlights the extreme volatility and interconnected risk within the crypto asset class, reminding investors of the perils of high leverage during key technical tests.