Crypto Market Turmoil Bitcoin Drops 2.8% to $102,225 Triggering $464 Million Liquidations

On June 20, the cryptocurrency market experienced significant turbulence, with Bitcoin (BTC) dropping to $102,225, triggering liquidations that exceeded $464 million. This event marked one of the most volatile trading days of the month, as the market faced substantial selling pressure. Long positions were particularly hard hit, with $392.9 million in liquidations, while short positions accounted for $73.4 million. The liquidation wave affected 130,736 traders, with the largest single liquidation order occurring on Bybit’s BTCUSD pair, valued at $8 million.

Ethereum also saw heavy losses, with liquidations amounting to $157.8 million, surpassing Bitcoin’s $124.1 million. The altcoin market mirrored Ethereum’s decline, reaching new monthly lows. Ethereum dropped to $2,363 before recovering slightly to $2,412. Bitcoin’s price hovered near $103,122, with bulls struggling to maintain the key $102,000 support level.

The volatility began earlier in the week, with June 18 seeing BTC fall below $105,000. Market analysts attributed this decline to rising geopolitical tensions and weak global markets. The steep drop resulted in $1.27 billion in long liquidations, significantly impacting leveraged traders. Ethereum and Solana also experienced notable declines, with Ethereum dropping 7.9% and Solana falling 8.7%. Analysts cited macroeconomic uncertainty, Treasury yields, and the stronger U.S. dollar as contributing factors to the correction.

June 19 brought some relief, but the pressure remained. Data from CoinGlass showed $126 million in total crypto liquidations over 24 hours, with longs making up $73.01 million and shorts totaling $52.94 million. Ethereum liquidations hit $38.56 million, while Bitcoin saw $25.07 million in liquidations. The largest single order on that day was recorded on OKX’s ETH-USDT-SWAP, worth $1.25 million, affecting a total of 55,361 traders.

Despite the recent correction, Bitcoin remains up 40% year-to-date. However, analysts warn that if BTC dips below $102,000, it might not stop until it reaches the $90,000 mark. They believe that the $102,000 level is a critical resistance point. The surge in BTC liquidation volumes amid global tensions highlights the market’s sensitivity to geopolitical events and financial market fears. As traders eye the $102,000 support level, the next few days could be pivotal in defining the short-term outlook for the cryptocurrency market.

Analyst Axel Adler noted a sharp rise in long liquidation dominance, which surged from 0% to 10% over the past week. Despite this, Bitcoin remained within a tight range between $103,000 and $106,000. Adler described the price action as a “good signal,” suggesting strong buyer support. He added that if long liquidation dominance grows another 5% to 7%, the market may flush out remaining bears. A future decline in the metric could mark a turning point and signal bullish momentum in futures. The rise in BTC liquidation without a massive crash shows resilience among buyers.