Traders had a tough start this week, as over $500 million was liquidated in the cryptocurrency market in the past 24 hours. This is due to the recent significant volatility of Bitcoin's price.
$500 million was liquidated due to Bitcoin's price volatility.
Coinglass data shows that with the volatility in Bitcoin's price, over $500 million was liquidated in the cryptocurrency market in the past 24 hours. Long traders suffered the biggest losses, with over $366 million in long positions being liquidated. Meanwhile, over $129 million in short positions were liquidated in the past 24 hours.
Meanwhile, the price of Bitcoin significantly dropped from around $98,000 to $95,500 on Sunday. Since then, Bitcoin has recovered and returned above $98,000. Significant price fluctuations have been present since the flagship cryptocurrency approached the $100,000 milestone on November 23.
Subsequently, Bitcoin's price experienced a significant pullback, followed by a sharp rebound, causing mass liquidations as traders struggled to determine the future trajectory of the flagship cryptocurrency. These pullbacks occurred as investors sought to take profits, with the flagship cryptocurrency approaching the psychological price level of $100,000.
However, some whales are still unfazed, as they recently purchased $3.96 billion worth of BTC in the last 96 hours. Notably, Bitcoin miner Marathon Digital bought 5,771 BTC (worth $572 million) at an average price of $95,554 per BTC.
Although this Bitcoin price range may be a local peak, the flagship cryptocurrency is still expected to rise, which explains why these whales are still actively accumulating more BTC. Asset management firm VanEck recently stated that $100,000 is just the beginning and predicts Bitcoin could still reach as high as $180,000.
Today could be that day.
Cryptocurrency analyst Ali Martinez recently predicted that today could be the day Bitcoin's price finally reaches the highly anticipated $100,000 milestone. This is because he revealed that as the price breaks through the resistance trend line and relative strength index (RSI), the SuperTrend indicator has turned bullish on the Bitcoin hourly chart.
In another X post, Martinez stated that during this bull market, $100,000 will not be the cycle top for Bitcoin's price. He noted that long-term holders of Bitcoin are showing increasingly greedy signs. The analyst claims that historically, this indicates Bitcoin may take 8-11 months to reach the market top.
If this historical trend continues, Bitcoin's price could peak between June and September 2025. Cryptocurrency analysts like Rekt Capital also predict that this period could mark the peak of Bitcoin in this bull market.
According to CoinMarketCap data, at the time of writing, the price of Bitcoin is approximately $98,300, having risen in the past 24 hours.
