MICA Daily｜BTC pullback to $96,000, $500 million long order faced Forced Liquidation

BTC hit record highs last week, reaching as high as $99,800, but experienced a pullback just $200 shy of the $100,000 mark. In the early hours of today (25th), it further dipped below $96,000. The market capitalization has shrunk by over $60 billion since Friday, with approximately 200,000 traders being liquidated in the past 24 hours, totaling $512 million. Among them, long positions suffered the largest losses, amounting to $380 million. The largest single liquidation occurred on Binance, totaling over $13 million.

In addition to Bitcoin, some competing coins such as XRP, DOGE, and ADA have also fallen sharply. For example, XRP fell 11% from its local high of $1.6 to $1.34, and previously strong ADA also fell 9% to below $1. Meme coins have also been affected, with DOGE-related BONK and DOGE both experiencing a pullback of nearly 10%.

This drop seems to have little significance, it is just that long positions investors started to take profits and get out of positions in advance to avoid possible pullback. However, the market does not seem so pessimistic, and BTC rebounded to $98,000 later. The subsequent trend of the cryptocurrency market will depend on the US economic growth rate, and we look forward to successfully breaking through the $100,000 mark.

Disclaimer: The article represents only the author's personal views, not the objective opinions and positions of Block, and all content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and Block will not be responsible for any direct or indirect losses incurred by investors in their transactions.

〈MICA Daily｜BTC pullback to $96,000, $500 million long order faced Forced Liquidation〉This article was first published on Blocklike.