Bitcoin Dives Below $103K, Triggers $450M Liquidations
Bitcoin fell below the key $104,000 support level, trading around $103,910 before plunging from above $106,000 to under $103,000 during U.S. hours. The break of support reignited selling pressure as automated sell orders hit, dragging major altcoins lower. Ethereum’s ether (ETH) dropped 4.5% in 90 minutes, while Solana (SOL), Dogecoin (DOGE) and Cardano (ADA) slid 3–5% amid a surge in trading volume. According to CoinGlass, roughly $450 million in crypto derivatives were liquidated—over 85% from long positions. No single external catalyst emerged, though macro risks like the Israel–Iran conflict weigh on sentiment. Bitcoin remains range-bound between $100,000 and $110,000, underscoring heightened volatility. Traders are advised to employ risk management strategies and monitor on-chain metrics, support levels and global economic indicators to navigate potential further sell-offs.
Bearish
The breach of key support at $104K and the subsequent plunge below $103K triggered heavy liquidations and broad sell-offs, signaling heightened short-term bearish pressure. Over $450M in long positions were wiped out, and major altcoins fell in tandem, undermining market sentiment. Although Bitcoin remains range-bound, the swift drop and macro risks suggest further downside risk until buyers step in near established support levels. Traders should anticipate continued volatility and potential retests of the $100K floor.