Bitcoin's journey to $100,000 faced a setback as sellers pushed the price below $93,000. Margin traders in long positions suffered significant losses, with total crypto market liquidations reaching $337.6 million in the past 24 hours.

The sell-off was driven by margin liquidations and long-term holders (LTHs), particularly those holding BTC for 6-12 months, who sold at a profit as Bitcoin surged from $74K to $99K.

As Bitcoin's price neared $90,000, short positions increased, and funding rates rose. Analysts suggest further price drops could trigger more selling, potentially reaching $86-88K in the coming days.