Bitcoin (BTC) probed liquidity pools near $117,500 in volatile market action, executing a liquidity sweep strategy that triggered substantial market moves. The session resulted in $517 million worth of positions liquidated within 24 hours across cryptocurrency derivatives markets, reflecting intense trading pressure.
Analysts warn of potential further downside before stabilization, with technical indicators signaling a possible retracement toward the $113,000 support zone. This comes as aggregate open interest (OI) in altcoin derivative markets surpassed $40 billion—a historic high that amplifies volatility and systemic downside vulnerability across digital assets.
Despite near-term correction risks, market observers maintain a cautiously optimistic medium-term outlook for Bitcoin, citing technical targets around $138,000 upon recovery. Traders are advised to diligently monitor liquidity distribution patterns and technical chart formations to navigate the elevated volatility.