A sudden price drop sent shockwaves through the crypto market, wiping out billions in leveraged positions and triggering one of the largest liquidations seen recently. In just one hour alone, over $3.32 billion worth of positions were liquidated, with longs accounting for a majority of the losses ($3.24 billion) compared to only $79 million in shorts. Over 24 hours, total liquidation reached $5 billion, highlighting the market’s volatile nature even after months of institutional investment and record highs. Bitcoin briefly hit $107,485 before rebounding to around $114K according to Binance data. This price movement was accompanied by a slight decrease in RSI (toward mid-40s) and a shift towards negative MACD for the first time in weeks, often seen as a sign of waning momentum. Bitcoin’s market cap currently stands at roughly $2.1 trillion. High trading volume exceeding $99 billion flooded exchanges with panicked orders. The rebound is temporary; Bitcoin remains down over 12% in the past 24 hours and 13% over the past week, indicating a substantial correction. Analysts believe that the rapid bounce was likely fueled by automated buying and demand near the $105K-$107K range, which acts as short-term technical support. However, momentum remains fragile, and traders are closely watching whether Bitcoin can maintain levels above $110,000 heading into the weekend. While a bounce may signal stability, technical signals like weakening MACD and cooling RSI suggest further downside if selling pressure resurfaces. The market remains tense and another dip below the $100K psychological threshold could trigger new long liquidations. It is important to remember that this information is for educational purposes only and should not be considered financial advice. Coindoo does not endorse or recommend any specific investment strategies or cryptocurrency. Always conduct your own research and consult with a qualified financial advisor before making any investments.