Bitcoin has experienced a sharp correction, falling from its all-time high of $123,091 to $115,000 in a rapid sell-off. This downturn was primarily driven by forced liquidations of leveraged positions across cryptocurrency exchanges.
Market data reveals $144.8 million in total liquidations occurred within 24 hours, with long positions accounting for nearly 89% of the total at $128.77 million. The sell-pressure proved sufficient to breach Bitcoin’s crucial $116,000-$117,000 support level, potentially opening the door for further declines toward the $111,000-$112,000 range.
Heightened trading activity accompanied the price drop, signaling intense market participation and suggesting continued volatility may persist. Analysts caution this correction could amplify near-term price swings, emphasizing the need for close monitoring of Bitcoin’s key technical support zones moving forward.
The abrupt pullback highlights persistent risks associated with leveraged trading during periods of market uncertainty, with geopolitical tensions also identified as a contributing factor to the negative sentiment shift.