100x Bitcoin (BTC) Liquidations in 4 Hours: What Transpired?
Over the past day, Bitcoin’s price movement has showcased an intense struggle between bulls and bears, culminating in a rapid 100x leveraged short liquidation event around $103,400. While Bitcoin managed to remain above $103,000, the rejection near that level triggered a wave of liquidations for over-leveraged short positions. The $103,400-$104,000 zone exhibited significant activity, as illustrated by the liquidation heatmap.
In expectation of a correction due to diminishing upward momentum, bears attempted to halt the Bitcoin rally at this juncture. However, they underestimated the late bulls’ buying power, resulting in the liquidation of high-leverage shorts—many likely employing 100x leverage. These highly risky positions faced immediate margin calls as they couldn’t withstand even minimal volatility.
Despite this localized spike in liquidations, Bitcoin has yet to test or exceed its all-time high of $109,000. That milestone remains nearly $6,000 away, and whales appear skeptical of the current momentum. Their swift move into short positions near recent highs indicates hesitancy; they likely believe that the existing uptrend lacks the volume or sustained market interest necessary to keep climbing without a pullback.
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From a technical perspective, Bitcoin is well above its bullishly aligned 50-100 and 200-EMA levels. If buying pressure resurfaces, the consolidation around $103,000 may act as a foundation for a subsequent breakout. The cooling off of RSI indicators from previously overbought conditions suggests that a pullback was necessary. The pressing question now is whether whales are trying to outpace retail traders before the next upward movement or are genuinely anticipating a market peak.
BTC might be poised for another attempt toward $106,000 and the pre-ATH level around $109,000 if it can maintain above $103,000 and convert $104,780 into support. For now, Bitcoin is on the brink of a significant breakout, but since whales have yet to be convinced, exercising caution is advisable.
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