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Traders have had a torrid start to the week, trading over $500 million has liquidated of the crypto market in the past 24 hours. This is due to the Bitcoin price, which has continued to fluctuate widely in recent times.
$500 Million Liquidated as Bitcoin Price Fluctuates
Coin glass data shows that more than $500 million has been liquidated from the crypto market in the last 24 hours as the Bitcoin price fluctuates. Long traders suffered the most losses, with more than $366 million in revenue long positions liquidated. Meanwhile, more than $129 million in short positions were liquidated in the past 24 hours.
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This came as the Bitcoin price dropped significantly from around $98,000 to $95,500 on Sunday. Bitcoin has since recovered and is back above $98,000. These heavy price swings of BTC have been happening since the flagship crypto almost hit the limit $100,000 milestone on November 23.
Bitcoin price has since witnessed major pullbacks followed by a sharp rebound, leading to mass liquidations as traders struggle to determine the future trajectory of the flagship crypto. This pullback comes as investors look to safeguard their profits as the flagship crypto approaches this psychological price level of $100,000.
However, some whales are still undeterred, as they were recently bought BTC for $3.96 billion within 96 hours. Particularly Bitcoin miner Marathon digital bought 5,771 BTC ($572 million) at an average price of 95,554 per BTC.
While this Bitcoin price range may be the local top, the flagship crypto is still expected to move higher, which explains why these whales are still actively accumulating more BTC. Asset manager VanEck recently stated this that $100,000 is just the beginning and predicted that Bitcoin could still reach $180,000.
Today could be the day
Crypto analyst Ali Martinez recently predicted that today could be the day that Bitcoin price finally reaches the long-awaited $100,000 milestone. This came as he revealed that the SuperTrend indicator had turned bullish on the Bitcoin hourly chart as prices broke through the resistance trendline and the Relative Strength Index (RSI).
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In another X post, Martinez suggested that $100,000 will not be the cycle top for the Bitcoin price in this bull run. He stated that Bitcoin holders are showing signs of growing greed in the long term. The analyst claimed that historically this suggests it could take 8 to 11 months for Bitcoin to reach a market top.
If this historical trend continues, Bitcoin price could peak between June and September 2025. Crypto analysts like Rekt Capital have also predicted that this period could mark the peak for Bitcoin in this bull run.
At the time of writing, the Bitcoin price is trading around $98,300, up in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com