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Traders have had a torrid start to the week as more than $500 million has been liquidated of the crypto market in the last 24 hours. This is due to the price of bitcoin, which has continued to fluctuate greatly in recent times.
$500 Million Liquidated as bitcoin Price Fluctuates
Currency data shows that over $500 million was liquidated from the crypto market in the last 24 hours as the price of bitcoin fluctuates. Long traders suffered the biggest losses, with more than $366 million in <a target="_blank" href="https://bitcoinist.com/analyst-warns-against-bitcoin-long-positions-why/” rel=”nofollow”>long positions liquidated. Meanwhile, more than $129 million in short positions were liquidated in the last 24 hours.
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This came as the price of bitcoin dropped significantly from around $98,000 to as low as $95,500 on Sunday. Since then, bitcoin has recovered and is back above $98,000. This strong btc price fluctuation has been like this since the flagship cryptocurrency was about to reach the <a target="_blank" href="https://bitcoinist.com/100k-bitcoin-is-only-the-beginning-vaneck-targets-180k/” rel=”nofollow”>$100,000 milestone on November 23.
Since then, bitcoin price has witnessed major pullbacks followed by a strong rally, leading to massive liquidations as traders struggle to determine the future trajectory of the flagship cryptocurrency. These pullbacks have come as investors look to lock in profits as the flagship cryptocurrency is approaching this psychological price level of $100,000.
However, some whales are unfazed as they recently <a target="_blank" href="https://bitcoinist.com/bitcoin-whales-remain-determined-3-96-billion-worth-of-btc-gobbled-up-in-96-hours/” rel=”nofollow”>bought $3.96 billion of btc in 96 hours. In particular, the bitcoin miner <a target="_blank" href="https://bitcoinist.com/largest-public-bitcoin-miner-250-million-btc-buy/” rel=”nofollow”>Digital Marathon bought 5,771 btc ($572 million) at an average price of 95,554 per btc.
Although this bitcoin price range could be the local high, the flagship cryptocurrency is still expected to rise, which explains why these whales are still actively accumulating more btc. asset manager <a target="_blank" href="https://bitcoinist.com/100k-bitcoin-is-only-the-beginning-vaneck-targets-180k/” rel=”nofollow”>VanEck recently stated that $100,000 is just the beginning and predicted that bitcoin could still reach $180,000.
Today could be the day
Cryptographic analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-correction-looms-as-analyst-predicts-85600/” rel=”nofollow”>Ali Martinez He recently predicted that today could be the day when the price of bitcoin finally reaches the long-awaited milestone of $100,000. This came as it revealed that the SuperTrend indicator had turned bullish on bitcoin's hourly chart as prices broke the resistance trend line and the Relative Strength Index (RSI).
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In another x post, Martinez suggested that $100,000 will not be the cycle high for bitcoin price in <a target="_blank" href="https://bitcoinist.com/bitcoin-bull-market-glassnode/” rel=”nofollow”>this lockdown. He claimed that long-term bitcoin holders are showing signs of increasing greed. The analyst stated that historically, this suggests that bitcoin could take between 8 and 11 months to reach a market high.
If this historical trend continues, the price of bitcoin could peak between June and September 2025. crypto analysts like Capital Law They have also predicted that this period could mark the peak for bitcoin in this bull run.
At the time of writing, bitcoin price is trading at around $98,300, up in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
