$BTC The price of Bitcoin has fallen below the $109,000 mark for the first time in 47 days. Bears currently have the advantage as the leading crypto asset struggles to recover after the latest series of pullbacks.
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Bitcoin falls below $110K — $186M liquidated in 24 hours
The week for Bitcoin has been turbulent, falling 5.7% against the US dollar since August 18. By Monday, around 4 PM Eastern Time, the top cryptocurrency had slid from the $112,000 range to below $110,000. An hour later, BTC was trading at $109,465, marking a daily decline of 2.6%.
Some point to whale activity as the cause, with one large holder dumping 24,000 BTC on Sunday evening. Others blame the decrease on outflows from exchange-traded funds (ETFs) and broader institutional sell-offs that are suppressing the market. The decline has spread to altcoin and derivatives markets, with $895.28 million liquidated in just 24 hours.
Of this amount, $809 million was allocated to long positions, including $287 million related to long ETH positions and $186 million from long BTC positions. Of these long positions in BTC, $95 million were liquidated after the crypto asset fell below the threshold of $110,000.
The $110,000 level serves as both a key resistance and a psychological barrier for BTC, and falling below this level gives the advantage to the bears. Momentum indicators and the moving average convergence divergence (MACD) oscillator are sending signals of bearish pressure.
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On the daily chart, every moving average has been surpassed, except for the exponential and simple moving averages, which are supported at the 200-day trend line. A decisive drop in the price of Bitcoin below this level—from $103,689 for EMA and $100,859 for SMA—could spell disaster for BTC's price and jeopardize the broader bullish trend.
