Bitcoin shrank under the $100,000 psychological level after hitting a new all-time high yesterday; the Bitcoin market was liquidated to more than half of a billion dollars just in a day.

The crypto market, at the time of writing, has seen massive market liquidations of up to $565 million on Bitcoin (BTC) alone, as the coin reached a new all-time high of $103,900 on Dec. 04.

The total of the day’s market liquidations reached $1.09 billion, which was led by Bitcoin and followed by other crypto, including others’s $120 million, Ethereum (ETH) $107 million, and Ripple’s token (XRP) $54 million.

The long positions have dominated the liquidations by over $814 million, while the short position was $280 million, with 208,505 traders liquidated. OKX has seen the largest single liquidations of $18.94 million.

MacroCRG, in his X post on Dec. 06, says this is “the biggest liquidation event since August”. The managing partner of Hartmann Capital, Felix Hartmann, in his X post, also noted that this first flush of the market after reaching the new price had a 70% chance to end and 30% to go lower.

Bitcoin price movement and projection

After weeks of stumbled price, Bitcoin reached the $98,000 level yesterday. Suddenly, the price breaks the target of $100,000 as the market expected to happen before 202

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Author: Fiqih Zulkarnain