Crypto liquidations hit $1.3B as Bitcoin price nosedives below $104K

Bitcoin (BTC) experienced a significant sell-off, dropping as low as $104,130, which is a 17% reversal from its recent all-time high of $126,000. This price drop triggered massive liquidations across the derivatives market, totaling $1.36 billion in wiped-out long and short positions over 24 hours, with over $1.21 billion coming from long positions alone. The decline also saw a drop in Bitcoin's futures open interest (OI), suggesting reduced leverage and potentially weaker bullish sentiment. Traders are now watching the $100,000 level closely, as analysts suggest Bitcoin must quickly reclaim the $105,000–$107,000 zone to prevent a deeper correction toward $100,000, which is considered the last major line of defense.

(Source：Cointelegraph)