Bitcoin price tumbles 5%, triggers $600m liquidations in 12 hours
Bitcoin has experienced a significant pullback, sparking a wave of liquidations across the crypto market.
After maintaining a position above the psychological $100,000 level for 10 days, the cryptocurrency saw a 3.5% drop in today's Asian session, sinking below this critical threshold. As of Monday, January 27, in the European session, Bitcoin is trading near $99,800, with its year-to-date gains now trimmed to 6.7% from a high of 17% last week.
This 5% daily decline has drastically affected Bitcoin's market cap, pushing it below the $2 trillion mark, a significant psychological barrier for investors. CoinGlass data reflects this volatility, revealing over $600 million in liquidated positions, with $560 million of that occurring within the last 12 hours. The sheer scale of the liquidations is evident with nearly 230,000 traders affected, and the largest single liquidation amounting to $98.46 million on HTX, involving the BTC/USDT pair.
BTC price dynamics (November 2023-January 2025). Source: Tradingview
Bitcoin price forecast: Fibonacci 50% level cushions price decline
Right now, the market is keenly watching Bitcoin's behavior around the $100,000 mark, which also aligns with the 50% Fibonacci retracement level. A decisive break below this could see Bitcoin testing the 50-day EMA at $98,000 for near-term support. However, if this key level holds, Bitcoin might rebound, potentially pushing back into its recent trading range.
Technical indicators are flashing warning signs as well. The 4-hour RSI has dipped into deep bearish territory, indicating that the selling pressure might not be over. However, if the Fibonacci 50% level at $100,000 can act as a cushion against further losses, there might be a resurgence above this psychological level, signaling a potential return to stability.
The market's recent price movement is a testament to Bitcoin's volatility, with investors now on high alert for any signs of recovery or further decline. The next movements of Bitcoin will be crucial, determining whether it can reclaim its recent highs or if the bearish momentum will continue to drag its price lower.
President Trump's executive order on cryptocurrency helped Bitcoin maintain support above $102,700. The regulatory clarity provided by the order reinforced Bitcoin's bullish momentum.
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