Bitcoin (BTC) Rejection at $100,000 Triggers $527 Million in Crypto Liquidations

Bitcoin's Recent Price Volatility

Bitcoin (BTC), the leading digital currency, has experienced significant price volatility in recent days. It has struggled to maintain the psychological level of $100,000, resulting in a combined $527 million in crypto liquidations within 24 hours.

Long Positions Face Heavy Losses

According to CoinGlass data, Bitcoin's total liquidation amounted to $161.96 million. Notably, long position traders suffered more severe liquidations at $92.12 million, while short position traders recorded $69.84 million.

This indicates that traders who held bullish positions on Bitcoin experienced higher liquidations due to BTC's inability to sustain above $100,000.

Impact on Altcoins

Bitcoin's liquidation and price fluctuations have impacted other altcoins. Major assets such as Ethereum (ETH), XRP, Dogecoin (DOGE), and Solana (SOL) have contributed to the overall liquidation of $527 million.

ETH's total liquidation was $109.23 million, with long position traders losing $57.47 million and short traders losing $51.76 million.

XRP's liquidation of $29.22 million included $16.70 million from long position traders and $12.52 million from short positions.

DOGE exhibited a similar pattern, with long position traders facing greater liquidations ($15.34 million) than short-position traders ($11.36 million), resulting in a total liquidation of $26.70 million.

Solana recorded an imbalance in liquidations, with short-position traders liquidating $13.01 million and long-position traders liquidating $10.85 million, leading to a total liquidation of $23.87 million.

Bitcoin's Recovery Potential and Future Volatility

At the time of writing, Bitcoin's price is showing signs of recovery in the crypto market, trading at $98,835.08 and gaining 4.01% in the last 24 hours. However, its trading volume has decreased by 21.4% to $79.92 billion, reflecting a cautious sentiment.

Raoul Pal, CEO of Real Vision, recently advised the crypto community to expect further price declines before Bitcoin reaches a new high. He suggested that BTC could potentially drop to $70,000 but urged investors to remain calm.