Bitcoin Drops 5% Below $103,000 Triggering $302 Million Liquidations

Bitcoin's price experienced a notable decline, falling below $103,000. This drop triggered a broader plunge in the cryptocurrency market, with altcoins also seeing double-digit percentage decreases. The price of Bitcoin had been fluctuating around the $110,000 mark, but technical indicators began to show signs of a 'double top' pattern, suggesting potential further declines. On June 12, 2025, Bitcoin's price was recorded at approximately $108,616, reflecting a 0.87% correction from its previous levels. This downward pressure was exacerbated by inflation data, which triggered a "sell the news" move, causing Bitcoin to dip to around $107,000. The price drop below $105,000 may have triggered $302 million in long liquidations, adding to the market's volatility.

Despite the sell-off, some analysts noted that the charts for Bitcoin and Ethereum did not indicate a bearish trend, with Ethereum showing stronger technical momentum above key support levels. The price of Bitcoin had previously increased to $109,600 after United States inflation data for May came in below market expectations, but this rally was short-lived as the price continued to decline. The market's reaction to these events highlights the sensitivity of cryptocurrencies to macroeconomic data and the potential for significant price movements in response to market sentiment and technical indicators.