Bitcoin dropped just 2.2% despite $600M in liquidations, its largest Bitcoin liquidation event in over three months.
Bitcoin recorded its largest liquidation event in more than three months, yet the price moved only 2.2%.
The limited decline came as Bitcoin saw about $600 million in liquidations, based on the market note.
This reflected a smaller market reaction than the February crash, despite heavy forced selling.
Bitcoin Holds Range After Heavy Liquidations
Bitcoin traded near $76,651 on the daily Bitstamp chart, down about 0.98% during the session. The chart showed a recovery attempt after a sharp drop from the 2025 high area.
A market note said Bitcoin saw its largest liquidation event in more than three months. It also said the price moved only 2.2%, despite heavy forced selling.
Today marked the largest liquidation event in more than three months for Bitcoin.
How much did the price move?
Exactly, just a mere 2.2%.
That's completely different than the massive crash of February and shows a lot of resilience.
At @MNFund_, we scaled back the risk… https://t.co/CxIUffYSPa
— Michaël van de Poppe (@CryptoMichNL) May 18, 2026
The move was compared with the February crash, which had a deeper price decline.
The latest market action showed a smaller correction, even as liquidations reached a large amount.
The note said there were about $600 million in Bitcoin liquidations alone. It added that a small price drop during such an event showed resilience in current conditions.
Market Positioning Shifts After Extended Moves
MNFund said it reduced risk appetite last week because some positions had become overextended.
The group said it is now slowly moving back into its thesis after recent Bitcoin liquidation candles.
The comment reflected a cautious return to market exposure. It also showed that traders are watching whether Bitcoin can hold nearby support after the liquidation event.
The current price sits near the 0.786 Fibonacci retracement level at $77,331. This makes the $77,000 to $78,000 range an important short-term area for Bitcoin.
A daily close above $77,331 could support a move toward $85,902. That level marks the 0.618 Fibonacci retracement on the chart.
Bitcoin’s nearest support appears between $70,000 and $72,000. A deeper support level sits near $66,413, which marks the full retracement zone.
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Technical Levels Remain Key For Bitcoin Price
The first major resistance level on the chart is near $85,902. Above that, Bitcoin faces resistance around $91,922, which is the 0.5 Fibonacci level.
Higher resistance levels are placed near $97,942 and $105,390. A move above $85,902 would show stronger buyer activity on the daily chart.
The MACD reading remained mixed during the session. The MACD line was near 606, while the signal line stood near 1,286.
The histogram was near minus 680, which showed that momentum had not fully turned positive. This means Bitcoin needs stronger buying pressure for clearer confirmation.
The RSI was near 44.06, while its moving average was around 58.85. The RSI stayed below the midline, so market momentum remained weak.
Bitcoin was not in oversold territory on the daily chart. That leaves room for more downside if support levels fail.
The chart showed Bitcoin trying to stabilize after the latest pullback. Holding near $77,331 could keep the recovery attempt active.
A failure to hold that area may bring another test of $70,000 or $66,413. Bitcoin remains neutral to slightly bearish until it regains $85,902 to $91,922 on daily closes.
