Bitcoin experienced a notable price decline, shedding approximately 2.4% over the past 24 hours and settling around the $107,000 mark. This downturn follows a failed attempt to breach the crucial $110,000 resistance level on June 11th. Experts attribute this drop to both technical corrections and significant liquidations in the derivatives market, with sellers taking control near peak levels of $111,814 reached earlier this month. Over $323 million worth of long positions were liquidated during this period, further amplifying selling pressure. 2.3% decrease in open position volume indicates a cooling trend after a previous surge. The current market climate, marked by increased selling pressure, has led to a significant drop in price from the peak, prompting many investors and traders to cash out their gains.