Bitcoin drop to $97k as the market liquidated $565 million

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”. Another crypto enthusiast on social media also expressed their concern that this liquidation is the biggest happening since 2021, as well as the largest liquidation of the bull run market so far.

Bitcoin price movement and projection

After weeks of stumbled price, Bitcoin headed back to the $98,000 level yesterday. Suddenly, the price breaks the target of $100,000 as the market expected to happen before 2024 end.

The price rose again and made a new all-time high of $103,900 after a surge of more than 5% in a day. The U.S. President-elect Donald Trump even celebrates the event by congratulating the Bitcoiners on his X’s post.

The liquidations show the market enthusiast, but another price target is still a long way to go. Numerous institutions and personalities have set the next target for Bitcoin, which is between $200,000 and $500,000.