Bitcoin price has been undergoing a mild reset in the past 24 hours as risk assets appear to have lost most of their gains. Within this period, the BTC price has lost 1.99% of its gains and is now trading for $102,315.79. This unexpected shift has triggered a massive bout of crypto liquidations, which has sparked a concern about the potential offset in the week-long price rally.
Bitcoin Price Reshaping Market Sentiment
Earlier in the day, the coin’s price jumped as high as $105,747.45 as the eased US-China trade tensions rebooted sentiment. The tariff war that triggered uncertainty in the crypto market is also positioned as a headwind for the asset class moving forward.
Despite the uncertainty picked up over the past hour, Bitcoin price has retained a 9.06% growth in the trailing 7-day period. With the current outlook, the BTC/USDT daily price shows the coin might have been oversold.
The Relative Strength Index (RSI) is pegged at 68.58, slightly short of the oversold region of 70. It is worth noting that the Bollinger Bands have also dilated with the price around the upper bands. These setups generally signal a potential reversal for Bitcoin price moving forward.
Considering how the altcoin season picked up steam earlier, the current shift in the market may change the overall outlook.
Crypto Liquidations in the Spotlight
The volatility shift in the past few hours has triggered more than $714 million in combined market liquidations. With BTC’s price dropping, its liquidations total $202 million, with long position traders accounting for $141 million.
Amid the market shift, more than 213,700 traders suffered liquidation, with the futures market showing intense volatility. It is worth noting that the market decider, BTC, still has a number of positive fundamentals likely to help reboot its price.
Institutional adoption remains optimal as Strategy acquired 13,390 BTC for $1.34 billion. Metaplanet also bought its biggest BTC batch amid growing sentiment for a more significant Bitcoin price breakout.
Is a Drop to $100,000 Still Likely?
Wading into the market trend, top crypto analyst Titan of Crypto shared a big take on X, regarding the price of BTC. He said the top coin is retesting the daily Fair Value Gap and could still fall to $99,500. However, the analyst noted that the coin is still trending upward.
This price point offers significant support for the coin to stage a major rebound in the coming weeks. Notably, the analyst concluded that the chart still looks bullish. As such, a drop beyond $100,000 is not likely per the current hype.
The post Bitcoin Price Risks Dropping Below $100k As Crypto Liquidations Hit $714M appeared first on CoinGape.
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