The cryptocurrency market has experienced severe shocks due to geopolitical events. Israel's airstrikes on Iran have led to mass liquidations among traders.
Over $1 Billion in Liquidations
In the last 24 hours, over 247,000 traders were liquidated totaling $1.14 billion in the market. The majority of the liquidations were from long positions, while shorts accounted for around $100 million. The largest single liquidation occurred on Binance’s BTC/USDT pair, wiping out a $201.31 million position.
Bitcoin (BTC) Outlook
The 4-hour BTC/USDT chart reveals that Bitcoin’s recent drop may not indicate a full-scale collapse just yet. BTC has pulled back to the $103,600–$105,600 range, which is viewed as a Potential Reversal Zone. If bulls can defend this region, a bounce back to the $107K–$108K levels may occur. However, if the price falls back below this breakout line, it could open the gates to $100,000 or lower.
Final Thoughts
The next few hours and days are critical. Traders should monitor how BTC performs around the $103K–$105K area. A bounce from this key harmonic zone would validate the bullish case, but failure of the support may mean Bitcoin could not find strong support until $100K or slightly below.
The cryptocurrency market remains under pressure from external factors. Traders need to focus on Bitcoin's key support levels which could define the price direction ahead.
