Bitcoin Tumbles to $98,000 – Massive $112M Liquidations Hit in Just an Hour

Bitcoin recently surged to a fresh all-time high above $104,000 but it seems the bulls have exhausted themselves and now the bears are taking control.

After the incredible gains Bitcoin witnessed earlier on Thursday, the number one cryptocurrency by market cap slipped below the $100,000 threshhold.

At the time of wrting, Bitcoin is trading at $98,800 after a 2.35% price drop in the past hour and has a market cap of $1.9 trillion.

According to data from CoinGlass, $112.95 million were liquidated during this period – $108.89 million in longs and $4.02 in short positions.

This brings the total liquidations for the past 24 hours to $649.1 million – $408.29 million in long positions and $240.86 million in shorts.

Despite this recent decline, BTC is still up almost 4% on the weekly chart and has a 24-hour trading volume of around $142.4 billion.

The 1-day technical analysis from TradingView remains bullish, with the summary pointing to “”buy” at 15, the moving averages show “strong buy” at 14, and oscillators remain “neutral” at 9.

The total cryptocurrency market cap dropped 1.25% today and is currently at $3.57 trillion.