Bitcoin price deviated 12% from its all-time highs on June 23, dropping below $100,000 for the first time since May 8.
The 24-hour liquidation heatmap suggests a $97,000 short-term target, with a rounded top pattern predicting Bitcoin’s price can go as low as $74,000.
Bitcoin (BTC) price has declined by more than 4.6% over the last seven days after rallying to $109,000 at the beginning of last week.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin dropped by as much as 5% on June 22 to a low of $98,240 from a high of $103,400.
BTC/USD daily chart. Source: Cointelegraph/**TradingViewBitcoin’s price drop coincides with a marketwide drawdown fueled by geopolitical uncertainties as Iran’s nuclear sites were targeted by US airstrikes. The ensuing sell-off has left market participants wondering how much deeper the price can go.
Bitcoin takes liquidity tumbling below $100,000
BTC price fell as low as $98,240 on June 22 after US President Donald Trump confirmed strikes on nuclear facilities in Iran. This extended the drawdown from the May 22 all-time high of $112,000 to 12%, which was accompanied by significant liquidations across the derivatives market.
The 24-hour crypto market liquidations hit $672 million, per data from monitoring resource CoinGlass. Bitcoin ate through long liquidations with ease, wiping out more than $238 million in long positions between June 22 and June 23.
Crypto liquidations (screenshot). Source: CoinGlassBuyers stepped in at the $99,300-$98,500 range to bring the price back into six figures. However, as shown in the chart below, more bid orders appeared between $98,000 and $97,000.
BTC/USDT liquidation heatmap. Source: CoinGlassThis suggests that Bitcoin’s price might drop further to sweep the liquidity within this range. On longer time frames, the liquidity clusters are just above $80,000, which, according to popular Bitcoin analyst AlphaBTC, remains a key area of interest, depending on how the geopolitical events play out
In a June 23 post on X, AlphaBTC said:
“This week will be a big influence on the rest of the summer for markets and risk assets.”
Source:AlphaBTCRelated:Traders watch XRP, ETH, SOL and HYPE now that Bitcoin trades below $100K
BTC rounded-top pattern targets $74K
From a technical perspective, Bitcoin’s price has potentially formed a rounded top or an inverted U-shaped pattern on the daily chart (see below).
Bulls are now focused on defending the psychological level at $100,000. Below that, a key area of interest lies between $95,000 (where the 100-day and 200-day simple moving averages appear to converge) and the yearly open around $93,400
A daily candlestick close below the neckline of the governing chart pattern at $93,000 would confirm a bearish breakdown from the rounded top formation, ushering BTC into a prolonged downtrend with the technical target at $74,730, or down 27% from current levels.
BTC/USD daily chart. Source:TradingViewThe relative strength index, or RSI, is at 41 and has dropped from 64 on June 9, suggesting that the downward momentum has been steadily building up.
As Cointelegraph reported, $100,000 remained a key support level for the BTC/USD pair, and if lost, it will open the door to a deeper correction toward $93,000 or lower.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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How low can the Bitcoin price go?
Key takeaways:
Bitcoin (BTC) price has declined by more than 4.6% over the last seven days after rallying to $109,000 at the beginning of last week.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin dropped by as much as 5% on June 22 to a low of $98,240 from a high of $103,400.
Bitcoin takes liquidity tumbling below $100,000
BTC price fell as low as $98,240 on June 22 after US President Donald Trump confirmed strikes on nuclear facilities in Iran. This extended the drawdown from the May 22 all-time high of $112,000 to 12%, which was accompanied by significant liquidations across the derivatives market.
The 24-hour crypto market liquidations hit $672 million, per data from monitoring resource CoinGlass. Bitcoin ate through long liquidations with ease, wiping out more than $238 million in long positions between June 22 and June 23.
In a June 23 post on X, AlphaBTC said:
BTC rounded-top pattern targets $74K
From a technical perspective, Bitcoin’s price has potentially formed a rounded top or an inverted U-shaped pattern on the daily chart (see below).
Bulls are now focused on defending the psychological level at $100,000. Below that, a key area of interest lies between $95,000 (where the 100-day and 200-day simple moving averages appear to converge) and the yearly open around $93,400
A daily candlestick close below the neckline of the governing chart pattern at $93,000 would confirm a bearish breakdown from the rounded top formation, ushering BTC into a prolonged downtrend with the technical target at $74,730, or down 27% from current levels.
As Cointelegraph reported, $100,000 remained a key support level for the BTC/USD pair, and if lost, it will open the door to a deeper correction toward $93,000 or lower.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.