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Bitcoin’s Late Longs Are Over as Support at $100K Becomes the Key to BTC Price

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Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup
Solo Bitcoin Miner Wins $350K Block With 2.3 PH Setup

Takeaways from the conference:

  • Bitcoin’s price has dropped 17% since its high of Tuesday. It is now below $104,000.

  • In the last 24 hours, crypto liquidations have totaled losses of $1.3 billion.

  • Bitcoin traders say it needs to quickly return to $105,000 before a correction to $100,000 is further accelerated. 

BitcoinBTCThe sell-side activities continued into Tuesday’s European Trading session. the drop to $104,000 The crypto market has seen a significant liquidation of positions that were leveraged.

BTC/USD Daily Chart Source: Cointelegraph/TradingView

Bitcoin plunges from $104,000 to wipe out all liquidity

BTC fell to $104,130 as of Tuesday. Sunday’s spike to $111,000 As traders of derivatives adopted a “risk-off” stance.

The deviation was extended from Oct. 6. all-time high of $126,000 It was followed by massive liquidity across the derivatives industry.

Related: Retail investors ‘retreat’ to $98.5K: 5 things to know in Bitcoin this week

Bitcoin, which accounted for $377,000,000 of this total, accounted more than $1.21 Billion in liquidated positions. Ether (also known as Ether) is a cryptocurrency.ETHThe next largest liquidation was $316.6 millions in long-term debt.

The figure shows that a total amount of 1,36 billion dollars was lost on both short and long trades.

Screenshot of Cryptoliquidations Source: CoinGlass

The largest liquidation was on HTX where a long BTC/USDT position of $47.87 million BTC was settled.

While large groups of short liquidations could signal a short-term bottom, heavy wipeouts can precede peaks as momentum shifts. 

CoinGlass data showed that Bitcoin futures dropped by 4%. open interest Over the past 24 hours, all exchanges saw a decrease in their (OI). Chicago Mercantile Exchange’s Bitcoin OI fell by 9% in the past 24 hours. 

Even though the futures shorts and longs are always in balance, falling OI may indicate reduced leverage or market participation. This could be a sign of weakened bullish sentiment.

A 10% drop in OI from Sept. 19 to Sept. 28, for example, was accompanied with an 8% fall in BTC.

Bitcoin is no longer able to defend itself against $100,000.

BTC swept lows below $105,000This has led to questions being asked by traders as to where Bitcoin will likely find support.

“After a bunch of attempts, bears have finally forced their Bitcoin breakdown,” said In a post published on Tuesday, popular trader Jelle was featured. 

Jelle stated that Bitcoin had to be reclaimed to get back to the $105,000-$107,000 range to avoid further declines towards $100,000. 

“The next area of support is $100K.”

BTC/USD Daily Chart Source: Jelle

AlphaBTC, a Bitcoin trader, stated that the closing of a candlestick daily below yesterday’s low (around $105,300) could initiate a downward movement below $100,000.

You can also read about the advantages of using Cointelegraph reportedThe bulls should defend this $100,000 mark aggressively. A break below that level may send Bitcoin on a downward spiral.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.