Bitcoin Price Update
Bitcoin price has decreased by 11% from its previous all-time high, dropping to $111,000 on Monday.
- $108,000 is a short-term target for bearish traders, with some analysts predicting a fall to $95,000.
On Monday, Bitcoin (BTC) sellers resurfaced as the price dropped to $111,000, leading to a significant liquidation of leveraged long positions in the cryptocurrency market.
The price of Bitcoin fell to as low as $111,300 on Monday, reversing the gains from Friday’s surge, which was driven by Fed Chair Jerome Powell’s dovish speech, as a whale took profits during the rally.
This decline extended from the all-time high of $124,500 on August 14, representing an 11% drop, accompanied by substantial liquidations in the derivatives market.
Over $642.4 million in long positions faced liquidation, with Bitcoin alone accounting for $235.5 million. Following Bitcoin, Ether (ETH) saw $155 million in long liquidations.
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In total, a staggering $806.95 million was erased from the market across both short and long positions, as illustrated in the figure below.
The Bitcoin liquidation heatmap displayed buy orders ranging from $110,500 to $109,700 on the weekly time frame, with additional bid orders accumulating down to $108,000, as shown in the chart below.
This indicates that Bitcoin’s price may dip further to capture liquidity within this range before a potential recovery.
Bitcoin swept below $112,000, leaving traders pondering how far the price could decline.
“Bitcoin is still decimating leveraged traders around the range lows, and it seems the sharks remain hungry,” commented trader Jelle in a post on X on Monday.
Jelle emphasized that Bitcoin must maintain a price above the monthly open at $111,900 to avert a more profound correction towards $100,000.
Another analyst, Captain Faibik, noted that the support around $111,800 is “deteriorating,” and if it breaks, it could trigger a new downward movement toward the $107,000 and $108,000 levels.
Despite the recent downturn, several participants in the crypto industry remain hopeful for a price increase. Analyst Gert van Lagen stated on Monday that Bitcoin’s upward trend is still intact, targeting $350,000 but cautioned that if the structure fails, the price could drop to $95,000.
According to MN Capital founder Michael van de Poppe, Bitcoin’s decline below $112,000 presents a “great entry” opportunity for traders ahead of a more significant rebound.
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Meanwhile, analyst BitQuant mentioned last week that his cycle top target of $145,000 for Bitcoin remains viable for 2025.
This article does not provide investment advice or recommendations. Every investment and trading decision entails risk, and readers should perform their own research before making any choices.
