Bitcoin has dropped below $104,000 amid heavy selling pressure, with over $1.3 billion in leveraged positions liquidated in the last 24 hours. This marks a 2.6% daily decline for BTC, pushing the global crypto market cap to $3.45 trillion, down 3.75%. Bearish signals dominate technical indicators, signaling potential further downside.
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The crypto market faces continued selling after recent peaks, with Bitcoin and Ethereum showing strong bearish momentum on daily charts.
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Over $1.36 billion in liquidations have impacted more than 329,000 traders, mostly from long positions caught in the reversal.
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Bitcoin’s RSI at 34.43 nears oversold levels, while MACD indicates widening bearish trends; analysts eye $100,000 as key support with 16 sell signals active.
Bitcoin price update reveals BTC below $104K with $1.3B liquidated—explore sell signals and market impacts. Stay informed on crypto trends and secure your portfolio today.
What is the latest Bitcoin price update as BTC drops below $104K?
Bitcoin price update shows BTC trading around $103,700 after a 2.6% drop in the past 24 hours and 9.3% over the week, failing to breach $112,000 resistance. This has triggered widespread selling, with the global crypto market capitalization falling to $3.45 trillion, a 3.75% decline. Liquidations exceeding $1.36 billion, primarily from over-leveraged long positions, have amplified the downturn affecting Bitcoin, Ethereum, and major altcoins.
Why have over $1.3 billion in crypto positions been liquidated recently?
The surge in liquidations stems from sudden price reversals catching bullish traders off-guard after Bitcoin’s rejection at $112,000. According to data from Coinglass, $1.36 billion in leveraged positions were wiped out in the last 24 hours, impacting over 329,000 traders, with $1.22 billion from long positions alone. This reflects over-leveraging during the recent rebound, now reversed by bearish technicals like Bitcoin’s RSI at 34.43 and MACD in negative territory. Ethereum saw similar effects, with its price slipping below $3,500 and RSI at 33.47, confirming oversold conditions. Altcoins like Solana and XRP faced even steeper losses, with $155 million and $32 million liquidated respectively, highlighting how high-beta assets amplify market volatility. Expert analyst Michaël van de Poppe noted on social media that levels below $112,000 present buying opportunities for long-term holders, but short-term momentum remains decisively negative, as TradingView’s summary shows 16 sell indicators for Bitcoin and 15 for Ethereum. Funding rates have turned negative, and fear gauges are at extreme levels, suggesting a market reset is underway before any stabilization. Historical patterns indicate such shakeouts often precede uptrends, but holding key supports like $100,000 for BTC and $3,400 for ETH will be crucial to avoid further cascades.
Frequently Asked Questions
What caused Bitcoin to drop below $104K and trigger $1.3B in liquidations?
Bitcoin’s failure to break $112,000 resistance sparked the selloff, leading to a 2.6% daily drop to $103,700 and over $1.36 billion in liquidations per Coinglass data. Over-leveraged long positions, totaling $1.22 billion, were hit hardest, exacerbating the decline in a market still digesting recent highs. Technicals like a “strong sell” from 16 indicators reinforce the bearish shift.
How are Ethereum and altcoins performing in this Bitcoin price downturn?
Ethereum has fallen 5.7% to $3,489, with strong sell signals across 15 indicators and RSI at 33.47 indicating oversold status. Altcoins like Solana, down 8.7% to $159.80 with $155 million liquidated, and XRP, off 6% to $2.25, are extending losses over 15-20% weekly, as the correction spreads amid negative funding rates and heightened fear.
Key Takeaways
- Bitcoin Rejection at $112K Drives Selloff: The key resistance failure has led to a 9.3% weekly drop, with BTC testing $103,700 and eyeing $100,000 support to prevent deeper correction.
- Liquidations Amplify Market Pain: $1.36 billion erased, mostly longs, affecting 329,000 traders and contributing to a 3.75% dip in total crypto market cap to $3.45 trillion.
- Bearish Technicals Signal Caution: RSI nearing oversold and MACD bearish for BTC and ETH; analysts like van de Poppe see dips below $112K as long-term buying zones amid extreme fear.
Conclusion
In this Bitcoin price update, the drop below $104,000 with $1.3 billion liquidated underscores ongoing selling pressure and bearish signals across BTC, Ethereum, and altcoins like Solana and XRP. Technical indicators from sources like TradingView confirm strong sell ratings, while Coinglass data highlights liquidation impacts. As the market approaches critical supports, long-term investors may find accumulation opportunities, but short-term volatility persists. Monitor these levels closely for signs of stabilization and potential rebound in the evolving crypto landscape.
The crypto market’s heavy selling extends into a second day, with Bitcoin struggling at $103,700 after rejection at $112,000—a level analyst Michaël van de Poppe deems crucial for new all-time highs. “Everything beneath $112K is a great buying opportunity,” he stated, emphasizing long-term potential despite immediate weakness. Ethereum’s slide to $3,489 mirrors this, with van de Poppe noting ideal accumulation zones against Bitcoin. Broader altcoin losses, including Solana’s 20% weekly plunge and XRP’s 15% drop, reflect amplified volatility, with $488 million liquidated in the last 12 hours alone. Bitcoin and Ethereum dominate 60% of these losses, per Coinglass, as RSI and MACD turn sharply bearish. Holding $100,000 for BTC and $3,400 for ETH could signal a bottom, but negative funding rates suggest further reset before upside resumes. This correction follows optimistic rebounds, now evaporated, with sentiment at extreme fear levels. Previous cycles show similar patterns leading to uptrends, offering hope for patient holders.
Author: Alexander Zdravkov, Reporter. With over three years in crypto, Alexander Zdravkov delivers insightful analysis on digital currency trends, blending logic and enthusiasm for market dynamics.
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