Everyone is asking, “Why is crypto crashing today?” as Bitcoin and Ethereum tumbled -2.5% and -6.5% overnight, respectively. It has caused mass panic across the market with over $1.7Bn in liquidations, the largest long liquidation of 2025.
$156Bn has been wiped off the combined crypto market cap, taking it to under $4T once more as BTC hovers at around $112,500 and ETH is sitting at $4,100, close to losing its crucial $4,000 level.
GM!🌞
The biggest long liquidation so far this year.
24h long liquidation:$1.62B
Total liquidation in the past 24 hours: $1.70B.https://t.co/C47AgBCcTk pic.twitter.com/IeIiCgz0zL
— CoinGlass (@coinglass_com) September 22, 2025
Largest Long Liquidation of 2025 Sees $1.7Bn Wiped Out: Time to Bid Strength?
We’re at a point in the bull cycle where it is essential to watch for strength whenever the market dips. While the likes of SOMI
Somnia
3.72%
Somnia
SOMI
Price
$0.0960
3.72% /24h
Volume in 24h
$3.02M
Price 7d
, FARTCOIN, and PI crypto are down between 15-25%, ASTER and KTA are holding up incredibly well.
Keeta (KTA) is up +12% on the day, trading for $1.16 and continuing its bullish momentum with its Layer-1 launch just around the corner. It is now just 30% away from its all-time high level of $1.68, which looks to be a realistic target in the coming weeks based on its relative strength during this current dip in the market.
ASTER coin is probably the hottest project of 2025, with the perpetual futures DEX platform holding up incredibly well even after running more than 7,000% in the past five days.
It is staying steady at around $1.6, and this period of consolidation seems to be fuelling the YZi Labs-backed project for its next leg up to $2 and beyond. Keep an eye on ASTER’s market cap relative to that of Hyperliquid. Binance founder CZ seems hell-bent on overtaking HYPE and cementing his project as the number one on-chain perp trading platform.
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Where Next for Bitcoin? Analysts Say to Watch for This Key Level
After dropping 2.5% overnight, crypto analysts such as @TedPillows are all seemingly in agreement that BTC needs to reclaim the $113,500 level ASAP if its bullish structure is to remain intact.
On the 1-day timeframe, Bitcoin is showing strong support at $112,200, which is where it bounced from perfectly in the European morning trading session, and is now trading just under $113,000.
Bulls will want to see $113,500 reclaimed by the daily close; otherwise, a drop toward $106,000 could be a real possibility, as the order books show a healthy amount of liquidity around there, ready to buy the dip.
Economist Donald Dean has called for BTC to hit $131,000 if the support level is held. $131,000 represents the Golden Ratio, otherwise known as the 1.618 Fibonnaci level.
Keep in mind, when everyone is asking, ‘Why is crypto crashing today?’, this tends to represent a lot of fear in the market, and as Warren Buffett famously said, ‘Be greedy when others are fearful’.
Until proven otherwise, the market is currently in a state of ‘buy every dip’ on blue-chip assets such as BTC, ETH, ASTER, KTA, and others. With an influx of spot altcoin ETFs on the way in October, coupled with another rumoured 25bps rate cut at next month’s FOMC meeting, it is a good time to go risk-on with crypto.
$BTC $BTCUSD Bitcoin – Retest of the Breakout
Price Target: $123k, $131k
Bitcoin continues to retest the breakout right at the trendline. Price is currently near the volume shelf. If support holds, BTC should be on its way higher to the next target at $123k.
After that is… pic.twitter.com/sm2Bx5IVxQ
— Donald Dean (@donaldjdean) September 22, 2025
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