With the market reaching a crucial liquidation zone, a significant event unfolded. Stop-losses were triggered in a domino effect, signaling the end of a certain phase. The overheated market witnessed a surge in funding fees, and Open Interest (OI) also soared as traders ventured into new positions.

Reemergence of Buying Pressure on Ethereum

After the terrifying sell-off, a remarkable phenomenon occurred on Ethereum. Traders regarded ETH as a secure choice as it demonstrated a relatively smaller drawdown compared to Bitcoin. This led to a reemergence of strong buying pressure, indicating a potential shift in market sentiment.During this period, the price of XRP dropped by more than 12% and reached as low as $2.06 in the widespread sell-off. The analyst pointed out that XRP still has thin liquidity, which has an impact on its spike potential. Amidst the sell-off, Cardano (ADA), USDC, and FDUSD experienced an astonishing increase in volume.According to Ash Crypto, the liquidation likely wiped out "weak hands" and provided an opportunity for smart money to buy the dip at a discounted price. Eventually, the analyst projected that the coin's price is bound to "snap back quickly."The market still retains the right anchors that have contributed to its growth in the past few weeks. MicroStrategy made a substantial $2.1 billion Bitcoin purchase this week, serving as evidence of the strong institutional presence on the market.Experts are forecasting a rapid recovery for the market. Robert Kiyosaki advocates that people should seize the moment and buy Bitcoin now. This indicates a positive outlook for the future of the market.