Bitcoin crossed $100,000 today, trading near $101,000 as of press time, after dropping as low as $91,400 on Dec. 30. The shift follows a sideways movement between $92,000 and $100,000 in late December and early January.
According to Coinglass data, $175 million was liquidated in the last 24 hours, indicating low leverage as the market adjusts to the price region. Observers note that Bitcoin’s climb above $100,000 comes after it retreated from a high of $108,300 on Dec. 17. The market has shown momentum since that peak, with dips below six figures before today’s recovery.
According to Coinglass’s liquidation heatmap, Bitcoin broke through a wall at $100,00, which was supported by long positions of around $98,000. Beyond the current price, there is little leverage before $104,000, where a small band of shorts may be defended.
Bitcoin appears to have bounced off the support at $98,000 several times over the past 12 hours before pushing through the psychological and leveraged resistance at $100,000. More traders have entered long positions around this $98,000 support, fueling the price increase.
However, if Bitcoin breaks back down to this support level, liquidations could momentarily push the price further depending on broader market reactions. While still elevated, open interest has declined since November’s peaks, indicating a slight deleveraging of markets.
The post Bitcoin retakes $100,000 as liquidations remain low at $175 million appeared first on CryptoSlate.
