BTC Drops 4.58% After All-Time High, $294M Liquidated as Market Tests Key Support

Bitcoin (BTCUSDT) experienced a sharp decline of 4.58% over the past 24 hours, falling from a 24h open of $108,570.18 to a current price of $103,597.05 on Binance. This price drop is primarily attributed to increased volatility following a recent all-time high above $110,800, with the market facing strong resistance in the $110,600–$111,000 range and failing to sustain upward momentum. Contributing factors include a broad crypto market pullback, significant trader liquidations totaling over $294 million (with $200 million in long positions), and early signs of exhaustion as Bitcoin tested key technical resistance levels. Despite continued institutional interest, ETF inflows, and high-profile purchases, short-term consolidation and profit-taking have led to a decrease in market capitalization to approximately $2.15 trillion, with traders now closely monitoring whether support above $106,000 will hold. Trading activity remains elevated amid ongoing volatility, reflecting cautious sentiment as the market reassesses its next move.