The crypto market just delivered another rollercoaster! Bitcoin #BTC briefly surged past $106,000, only to fall back to $103,000 within hours — catching both bulls and bears off guard. The sudden move led to over $680 million in liquidations across the board.
What Just Happened?
Around 9 PM UTC on Sunday, $BTC
spiked by over $2,500 in under an hour. This kind of price action is typical of thin weekend liquidity and algorithmic buying triggered by key technical levels. What followed was a textbook short squeeze short sellers were forced to buy back into the market to cover losses, pushing the price even higher. But as soon as BTC hit that peak, profit-taking kicked in, and the price dropped back near $103K.
Massive Liquidations Across the Market
$460 million in long positions wiped out
$220 million in shorts liquidated
Futures tied to ETH $ETH , SOL $SOL , and DOGE #DOGEUSDT also saw heavy losses
Major altcoins like Solana, Dogecoin, and XRP dropped over 4% in the past 24 hours. The CoinDesk 20 (CD20) Index also slipped by more than 2%.
What’s Fueling the Volatility?
This extreme volatility came during a weekend usually a quieter period. But macroeconomic uncertainty added fuel to the fire:
Moody’s downgraded the U.S. credit rating
30 year Treasury yields jumped above 5%
Inflation concerns returned due to mixed economic data
Expert Insight
According to Haiyang Ru, co-CEO of HashKey Business Group:
“Investors are moving capital into Bitcoin due to fears surrounding the upcoming U.S. spending bill, which could add trillions in debt and push up Treasury premiums.
But even as BTC #BTC hovers near new highs, we expect more market turbulence as traders brace for new trade deals and policy shifts.”
What’s Next?
BTC #BTC is flat for the week, but its failure to hold above the psychological $106K resistance might indicate a short-term ceiling. While the long-term outlook remains bullish thanks to institutional inflows and spot ETF momentum, traders should prepare for more volatility ahead.
Final Thoughts:
This weekend was a wake up call expect the unexpected in crypto. Leverage traders especially need to be cautious. Platforms like Binance offer advanced tools to help you manage risks and take advantage of the action. What do you think? Will Bitcoin break $110K soon or was this just a shakeout? Share your thoughts in the comments!