Bitcoin Liquidity Event: 100x Short Liquidations Triggered at $103,400

A dramatic price fluctuation in Bitcoin has resulted in a significant liquidity event. Over the past day, bulls and bears engaged in a fierce battle that led to a rapid liquidation of leveraged short positions at around $103,400. While Bitcoin managed to stay above this mark, rejection near it triggered a cascade of margin calls for those holding extremely high-leverage short positions, many of which were likely using 100x leverage.