After the launch of the highly hyped XRP ETF, Bitcoin has been under intense market pressure, with the price falling well below the crucial $100,000 level.
As this momentum waned, Bitcoin experienced a brutal devastation in the derivatives market. data Powered by CoinGlass.
Bitcoin derivatives activity over the past 24 hours resulted in a total of over $310 million in liquidated positions, with long traders incurring huge losses of $268.07 million.
Traders who bet on the asset’s decline responded only $43.75 million during the period, while the imbalance between Bitcoin long and short liquidations on the last day amounted to 512.73%.
This signals growing optimism among traders who had bet heavily on a rebound that never came, but it also highlights how one-sided the bullish positioning was just before the decline.
Bitcoin retests $94,000
meanwhile Bitcoin It had been hovering above the critical $100,000 level until just before Thursday’s sudden collapse, with most traders actively going long with high hopes for a further rally above the $100,000 level.
However, Bitcoin extended Thursday’s decline to this point, briefly reaching the $94,000 level earlier today. As a result, leveraged positions are subject to forced liquidation, further increasing downward pressure on prices.
While this negative trend continues to cause investor anxiety, market analysts are warning that continued selling pressure could put Bitcoin on track to retest the $83,000 support zone.
Despite these severe price adjustments, institutional investors strategy It has remained resilient and continues to accumulate a significant portion of its assets, raising expectations that it will turn positive soon.
