Bitcoin Drops to $93K as Profit-Taking and Liquidations Spark Market Shift
Bitcoin’s rally toward $100,000 faced a setback as heavy selling pressure pushed the price below $93,000. Margin traders in long positions suffered substantial losses, with buy-side liquidations across the crypto market totaling $337.6 million in the past 24 hours.
The sell-off was driven by a combination of margin liquidation and profit-taking by long-term holders (LTHs). Data from Glassnode highlighted that Bitcoin holders in the 6–12 month range, with an average cost basis around $57,900, capitalized on the recent rally to $99,000, locking in substantial gains.
As selling pressure intensified, short-term sentiment flipped bearish. A spike in short positions on perpetual futures platforms coincided with Bitcoin’s funding rate rising from 0.019 to 0.04. Analysts warn that further declines below $94,000 could trigger another wave of forced selling, with $90,000 emerging as the next key support level where traders may look to reenter the market.
This price action underscores the delicate balance between buyers and sellers. While profit-taking and liquidations are driving near-term volatility, market participants remain focused on Bitcoin’s long-term trajectory toward six figures. For now, traders are eyeing $90,000 as a potential entry point amid the ongoing consolidation.
