Bitcoin Drops Below $103,000 as $450 Million in Liquidations Occur
Crypto markets experienced a reversal, with Bitcoin falling below $103,000 from $106,500. It recovered slightly to $103,200, down 1.2% in 24 hours.
Other cryptocurrencies faced larger declines:
- Ethereum dropped 4.5% to $2,372 in 90 minutes, with trading volume reaching nearly 800,000 ETH.
- Solana, Dogecoin, and Cardano fell by 3%-5%.
This volatility led to approximately $450 million liquidated in derivatives positions on exchanges, with $387 million linked to long positions anticipating price increases.
No clear external factors prompted the price fluctuations, despite ongoing macro risks like the Israel-Iran conflict. The S&P 500 and Nasdaq 100 showed only slight declines.
Bitcoin at stalemate
BTC remains within a sideways range of $100,000 to $110,000. Market sentiment reflects uncertainty about whether BTC will exceed $110,000 or drop to $90,000. This situation indicates mixed bullish long-term views against short-term economic and geopolitical concerns.