Bitcoin’s price plummeted to the $91K zone, marking a 7% decline from its high of $98,360.
Over $687 million in crypto liquidations occurred, with BTC alone accounting for $178.25 million.
Just an hour before, Bitcoin (BTC) saw a significant drop in the Asian trading hours, plunging into the $91K range after a loaded crypto liquidation totaling $687 million. BTC alone accounted for $178.25 million in liquidations, reflecting the market’s struggle with overheating leverage positions and profit-taking among holders.
Over the past 24 hours, Bitcoin’s price fell by more than 7%, dipping from a high of $98,360 to an intraday low of $91,463.
This sharp decline led the broader cryptocurrency market into a downward spiral, with altcoins like Ethereum (ETH), BNB, and XRP all experiencing losses between 5% and 10%, respectively. At press time, Bitcoin is trading at $91,902 with a market cap of $1.82 trillion.
Bitcoin (BTC) Faces Short-Term Setback
The sudden pullback comes after Bitcoin failed to reach the highly anticipated $100K milestone, despite expectations fueled by the Trump presidency’s impact on crypto. Traders were caught off guard as Bitcoin’s price dropped nearly 8.22% from its all-time high of $99,655, which was recorded on Nov 23.
Despite this short-term dip, analysts remain optimistic about Bitcoin’s long-term outlook. Technical indicators such as the RSI at 62 and a Chaikin Money Flow of 0.18 suggest moderate buying pressure, indicating the potential for further upward movement without immediate reversal risks.
Bitcoin (BTC) Price Chart (Source: TradingView )
On the other hand, BTC’s price dropping below both the 20-day EMA and 50-day SMA signals a short-term bearish trend with increased selling pressure. This indicates a potential for correction or consolidation before a continued upward move.
