Bitcoin ($BTC) has recently experienced an abrupt price decline. As per the exclusive market analytics, Bitcoin ($BTC) has slipped below $103,000 amid the heightened liquidations, while whales remain calm instead of offloading. This highlights a provisional dip to shed off the over-leveraged long $BTC positions.
Bitcoin Sees Huge Dip towards $102K Mark Amid Liquidation Spree
The latest data reveals that Bitcoin’s sudden price drop below the $102K mark is crucial. There is huge liquidity at $102,000 as millions will be liquidated in long positions if BTC falls below this level. There are several indicators that elaborate the current market position of Bitcoin and the further impact of the new decline. In this respect, $BTC/$USDT’s 2-week volume heatmap displays a strong resistance level near $106,000. At this point, a robust sell wall is present that is continuously becoming more and more dense.
Trending Now: Crypto Market Sees $882M Inflows, Led by Bitcoin
In addition to this, the Cumulative Volume Delta is another indicator providing critical insights into the Bitcoin market. The indicator discloses that the buying activity is rising among institutional and retail investors. Specifically, the $100k-$1M and $1M-$10M are the ranges taking into account the majority of orders. The investors in these ranges seem to be making substantial $BTC accumulation irrespective of the recent price slump. This suggests strategic positioning by the investors instead of panic selling.
Bybit Records $49.24M in Liquidations
When it comes to liquidation statistics, the overleveraged positions have seen a notable shakeout. Hence, over the recent hours, a massive $110.42M has been liquidated in diverse crypto positions across top crypto exchanges. Specifically,93.44% of the cumulative positions were long positions. Bybit stood atop in these liquidations while accounting for $49.71M. Apart from that, Binance incurred $26.72M in total liquidations.
Top Crypto Asset Signifies Short-Term Dip Instead of Big Market Decline
Nevertheless, despite this market turbulence, the wider sentiment is still cautiously optimistic. Particularly, whales have shown a considerable calmness without offloading considerable $BTC holdings. Along with that, the market still has huge buying interest from the investors on order books. Keeping this in view, several market onlookers deem this pullback as just a shakeout instead of a broad-scale downtrend.
In this environment, the traders are persuaded to stay vigilant and look for additional volatility, particularly if Bitcoin dips to test the support zone of $100K.