The price of Bitcoin has dropped below $103,000 amid liquidations on Binance

Last week, the price of Bitcoin made an attempt to reach its all-time high, but in recent days, the cryptocurrency has slowed its growth. On June 20, the price of Bitcoin sharply fell below $103,000, driven by mass liquidations of long positions on Binance. According to CryptoQuant data, the liquidation volume exceeded $160 million, and the negative Net Taker Volume reached nearly -$100 million. This is already the third time in June that this indicator has fallen to such a level. Analysts believe that the current situation could lay the groundwork for more stable price growth.

Comment:

Mass liquidations of long positions on Binance and the drop in Net Taker Volume to negative values indicate significant selling pressure. However, such events can be beneficial for the market, as they contribute to correction and price stabilization. In the future, this could lead to more sustainable growth for Bitcoin if the support level is maintained.