The price of U.Today – has plummeted and fallen below its peak, leading to a massive market liquidation. According to the price chart provided, Bitcoin is currently trading at $105,154, in a slight downtrend and pulling back from recent highs of around $106,000. Despite Bitcoin maintaining its long-term uptrend, the current decline highlights the volatility and difficulties around key resistance zones.
This situation is further emphasized by clearing data. Longs suffered the most losses with $327.81 million and shorts with $79.59 million, with over $407 million of positions lost in the past day. With $77.99 million in Bitcoin-related positions, BTC is the second-largest contributor to total liquidations, trailing everyone else by $10.098 billion.
The company, which contributed $55.89 million to the liquidation position, also suffered heavy losses. The most affected exchange was Binance, and according to the liquidation distribution, the total loss was $11.45 million, with long losses of $4.39 million and short losses of $7.06 million. OKX, with $5.16 million in liquidations, came in second place, showing an overwhelming short bias of 81.94%, suggesting that bearish sentiment likely caused a large number of position closures.
The unusual activity of altcoins is further highlighted by real-time liquidity data. Centralized liquidations were carried out on small-cap assets such as SUI-USDT, DOGE, and UXLINK-USDT. Bitcoin's sharp decline likely caused a domino effect across the market, forcing overleveraged traders to quickly sell their positions. Technically speaking, Bitcoin remains supported near the uptrend line, so buyers are stepping in to prevent further declines.
However, if Bitcoin fails to sustain above key support levels such as $98,400 and $97,900, further selling pressure or liquidation could occur. Going forward, traders need to pay attention to the psychological movement of Bitcoin around the $100,000 level. If the decline continues, we could see more overall liquidations of leveraged positions in both Bitcoin and altcoins, but a clear move above this could restore investor confidence. Markets remain tense and volatility is expected to continue for some time to come.
This article was originally published on U.Today
