Bitcoin faced a sharp pullback on December 6, dropping to $97,000 after briefly reaching an all-time high of $103,900 just a day prior. This drop came amid a significant market liquidation event, with traders losing over $565 million in Bitcoin positions alone.
Market Liquidations Reach $1.09 Billion
The crypto market saw a staggering $1.09 billion in liquidations over the past 24 hours, with Bitcoin accounting for over half a billion dollars of the total. Ethereum ($107 million) and Ripple’s XRP ($54 million) followed suit as the market responded to the price volatility.
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- Liquidations Breakdown:
- Bitcoin (BTC): $565 million
- Ethereum (ETH): $107 million
- Ripple (XRP): $54 million
Long Positions Dominate Liquidations
According to data from CoinGlass, long positions bore the brunt of the losses, accounting for $814 million of the liquidations. Shorts saw significantly fewer losses at $280 million. Over 208,500 traders were liquidated, with the single largest liquidation recorded on OKX at $18.94 million.
Largest Liquidation Since August
MacroCRG, a prominent market analyst, highlighted that this event marks the largest liquidation since August 2024 and the most substantial for the current bull run. Another social media analyst compared the event’s scale to the 2021 bull market liquidations, showcasing the market’s heightened enthusiasm and volatility.
Bitcoin’s Price Journey
Bitcoin had been consolidating near $98,000 in recent weeks before surging past the $100,000 psychological barrier on December 4. The rally, which represented a more than 5% daily increase, set a new all-time high of $103,900.
Even U.S. President-elect Donald Trump acknowledged Bitcoin’s milestone, congratulating the crypto community in a post on his social media platform, fueling optimism.
CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!
Donald Trump Truth Social 07:55 AM EST 12/05/24 @realDonaldTrump
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) December 5, 2024
Price Projections and Market Sentiment
While the pullback to $97,000 raises questions about short-term price stability, market analysts and institutions remain bullish. Several projections place Bitcoin’s next target between $200,000 and $500,000, reflecting confidence in its long-term trajectory.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to buy up your coins gradually.
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FAQ
Why did Bitcoin drop below $100,000 after reaching an all-time high?
Market liquidations drove the drop, as over $1.09 billion was wiped out across the crypto market in 24 hours, primarily affecting long positions.
What is driving Bitcoin’s current price action?
Bitcoin’s recent rally is attributed to institutional demand, increased spot ETF activity, and broader adoption by influential figures and companies.
What are Bitcoin’s next price targets?
Analysts and institutions anticipate further gains, with projections ranging between $200,000 and $500,000 as the market momentum continues into 2025.
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Bitcoin’s journey toward $100,000 is reshaping the crypto landscape, with traders and investors alike positioning for potential historic gains. Stay updated with Coin Push Crypto Alerts for the latest insights and strategies to navigate this exciting market.
