Bitcoin grabs bid liquidity as BTC price dip targets include $113K

Key Points

1. Bitcoin's price dropped over 2% from its $120,000 daily high, targeting bid liquidity zones around $117,500 and potentially $113,000.

2. Over $500 million in cross-crypto liquidations occurred in 24 hours, with significant ask liquidity added near key levels.

3. Analysts noted a liquidity sweep and range-bound movement, with Fibonacci levels suggesting a potential rebound target of $138,000.

4. Glassnode warned of altcoin market 'froth' due to record-high open interest exceeding $40 billion for top altcoins, which could amplify volatility.

5. High leverage in the market was highlighted as a factor contributing to a fragile and reflexive trading environment.