LONDON (IT BOLTWISE) – The Bitcoin market is experiencing a dramatic decline as the price falls below the $104,000 mark. This resulted in massive liquidations of over $1.3 billion, indicating increased volatility in the crypto market. Experts warn of further possible declines as traders look for new support levels.
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The Bitcoin market has seen a significant decline as the price fell below the $104,000 mark. This development resulted in a massive liquidation of over $1.3 billion in leveraged positions, indicating increased volatility in the crypto market. The decline came after a rise to $111,000 on Sunday, showing how quickly market sentiment can change.
The liquidations affected not only Bitcoin, but also other cryptocurrencies such as Ether, which followed with $316.6 million in long liquidations. A total of $1.36 billion was wiped out of the market across both long and short positions. These liquidations can be seen as a sign of capitulation, potentially indicating near-term bottoms.
One notable aspect of this development is the 4% drop in open interest (OI) in Bitcoin futures across all exchanges, with the Chicago Mercantile Exchange’s drop being particularly pronounced at 9%. A falling OI suggests reduced leverage and market participation, which could indicate weaker bullish sentiment.
The price drop has raised questions about where Bitcoin might find support. Traders like Jelle and AlphaBTC have noted that the $105,000-$107,000 zone is crucial to avoid a further decline below the psychological $100,000 level. A break below this level could plunge Bitcoin into a new downtrend.
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