Bitcoin dipped to as low as $101,899.01 on Monday, backing off the recent $105,000 highs due to a combination of long liquidation pressure, decreased leverage, and profit-taking.
Crypto analyst Ali Martinez took to X, saying that $1.45 billion worth of long positions on these exchanges would be liquidated if Bitcoin dropped to $102,700.
The risk that a liquidation cascade might be ahead has caused traders to take in a heavier dose of caution over the market.