Key Points
- Bitcoin trades at $110,269.71, up 0.65% intraday, but remains down 12% from August highs.
- Over $930M in crypto longs liquidated in 24 hours, with 205,000 traders impacted.
Bitcoin fell sharply this week, dragging the wider crypto market lower after a wave of liquidations flushed leveraged long positions.
Around $205 billion exited the market in 24 hours, driving total capitalisation back to $3.84 trillion, its lowest since August 6.
According to CoinGlass, more than 205,000 traders were liquidated, with losses topping $930 million.
The selloff was triggered by a 24,000 BTC whale dump worth $2.7 billion, which caused Bitcoin to collapse by nearly $4,000 in a matter of hours.
The move pushed BTC below the $110,800 cost basis of one-to-three-month holders, a level Glassnode highlights as historically critical for maintaining bullish momentum.
Despite the drop, Bitcoin’s 12% correction remains shallower than past bull-cycle retracements: September 2017 saw a 36% decline, and September 2021 endured a 24% pullback.
A repeat of those drawdowns this September could see BTC retesting $87,000 before the bull trend resumes.
Altcoins endured steeper losses, with Solana down 11% to $186, Dogecoin sliding 10% to $0.21, Cardano dropping 9% to $0.83, and Chainlink plunging 11% to $23.30. Ethereum also fell 7% on the day, trading above $4,400 after losing more than 11% since setting a fresh all-time high earlier this week.
Technical Analysis
Bitcoin (BTC/USD) has had a strong rally this year, climbing from April’s low near $74,778 to its recent peak of $124,492 in early August.
Since topping out, however, the price has pulled back to around $110,269, now trading below its shorter-term moving averages. This signals a cooling phase after months of steady gains.
The MACD has crossed into negative territory, showing bearish momentum building as sellers take control in the short term.
Key support is seen around $108,000–$110,000, with a stronger floor near $100,000 if the decline extends. On the upside, resistance lies at $115,000 and then the August high near $124,500.
If BTC holds above $110,000 and stabilises, buyers could attempt another push higher, but a break below this level would confirm a deeper correction phase.
Overall, Bitcoin remains in a longer-term bullish trend, but near-term risks point to further consolidation or a possible test of lower levels before resuming its uptrend.
Cautious Forecast
If Bitcoin fails to regain the $110,800 cost-basis level, further corrections toward $100,000–$95,000 are possible. However, if buyers step in on the dip — as in past cycles — a recovery back to $115,000–$120,000 could quickly follow, especially if whale-driven supply shocks subside.
