Bitcoin's price dropped to $93,500, driven primarily by long liquidations and profit-taking from long-term holders. In the past 24 hours, total crypto market liquidations exceeded $337.6 million, affecting margin traders in long positions. Analysts identified the 6-month to 12-month long-term holder (LTH) cohort as significant sellers, capitalizing on the price surge from $74K to $99K, leading to a selling pressure at -366K/month, the highest since April 2024. As the price fell, short positions surged and BTC's funding rate increased from 0.019 to 0.04. Current liquidation data suggests that a further drop below $94,000 could trigger additional forced selling, with traders eyeing the $90,000 mark as a potential buy level. Observations indicate that if no bounce occurs, the price may further decline to the $86K-$88K range within the next week.

Source 🔗