Bitcoin Liquidations Surge as BTC Nears $100,000 Amid Market Shakeout

Bitcoin Liquidations Hit $114 Million Amid Market Turmoil

The cryptocurrency market has experienced one of its most aggressive shakeouts in recent weeks, with Bitcoin liquidations reaching $114.46 million in a single day. Ethereum followed with $65 million in losses, while short positions worth $215 million were wiped out, signaling a classic short squeeze scenario.

Bitcoin Price Action and Technical Outlook

Bitcoin is currently trading just below $100,000, maintaining its strong breakout rally. The asset is well above the 50, 100, and 200 EMA, with the recent breakout candle reinforcing the bullish trend on the daily chart. However, the RSI, hovering near 70, suggests potential short-term volatility.

Bitcoin Dominance Surpasses 60%

Bitcoin’s dominance has now exceeded 60%, indicating that more capital is flowing into BTC than altcoins. This dominance often strengthens Bitcoin’s control over the broader market narrative, solidifying its position as the market’s top performer.

Key Resistance Levels Ahead

As Bitcoin approaches $100,000, it nears a critical psychological and technical resistance zone. The next potential range is between $105,000 and $110,000, contingent on volume confirmation. If the long/short imbalance persists, a rejection could trigger a sharp decline toward $92,000-$94,000.

Conclusion

Bitcoin’s recent price action and dominance underscore its leadership in the cryptocurrency market. However, the upcoming sessions will determine whether BTC establishes a new price paradigm or undergoes a correction amid heightened volatility and significant liquidations.