Bitcoin faced a sharp pullback on December 6, falling to $97,000 after briefly reaching a record high of $103,900 just a day earlier. This fall came amid a massive liquidation event in the market, with traders losing more than $565 million in Bitcoin positions alone.
Market liquidity reaches $1.09 billion
The crypto market saw a staggering $1.09 billion in liquidation over the past 24 hours, with Bitcoin accounting for more than half a billion dollars of the total. Ethereum ($107 million) and Ripple's XRP ($54 million) followed suit as the market responded to price volatility.
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- Liquid breakdown:
- Bitcoin (BTC): $565 million
- Ethereum (ETH): $107 million
- Ripple (XRP): $54 million
Long positions affect liquid
According to data from CoinGlass, positions were by far the biggest losers, accounting for $814 million of the liquidations. Shorts saw a much smaller loss at $280 million. More than 208,500 traders were liquidated, with the single largest liquidation recorded on OKX at $18.94 million.
The biggest meltdown since August
MacroCRG, a prominent market analyst, pointed out that this event marks the biggest meltdown since August 2024 and the most substantial for the current bull run. Another social media analyst compared the scale of the event to the meltdown of the 2021 bull market, showing the market's heightened enthusiasm and flexibility.
Bitcoin price journey
Bitcoin had been consolidating near $98,000 in recent weeks before rising past the psychological $100,000 barrier on December 4th. The rally, which represented a daily increase of more than 5%, set a new all-time high of $103,900.
Even US President Donald Trump recognized the Bitcoin milestone, congratulating the crypto community in a post on his social media platform, encouraging optimism.
CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU ARE WELCOME!!! Together, we will make America Great Again!
Donald Trump Social Truth 07:55 AM EST 12/05/24 @realDonaldTrump
– Donald J. Trump posting from his social reality (@TrumpDailyPosts) December 5, 2024
Price forecasts and market sentiment
While the pullback to $97,000 raises questions about short-term price stability, market analysts and institutions remain optimistic. Several forecasts place Bitcoin's next target between $200,000 and $500,000, showing confidence in its long-term trajectory.
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Denial: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling or holding any cryptocurrency. Always do your due diligence and consult a financial advisor before making any investment decisions.
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Frequently Asked Questions
Why did Bitcoin fall below $100,000 after reaching an all-time high?
A market meltdown precipitated the fall, as more than $1.09 billion was wiped out across the crypto market in 24 hours, affecting long positions in particular.
What is driving Bitcoin's price action right now?
Bitcoin's recent rally is due to institutional demand, increased spot ETF activity, and wider adoption by influential figures and companies.
What are the next Bitcoin price targets?
Analysts and institutions expect additional benefits, with projections between $200,000 and $500,000 as the market trend continues until 2025.
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Bitcoin's journey to $100,000 is reshaping the crypto landscape, with traders and investors alike poised for potentially historic gains. Get updated with Coin Push Crypto Alerts for the latest vision and strategies for navigation this interesting market.
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