The crypto market experienced significant volatility over the weekend, driven by Bitcoin's (BTC) sharp rise to $107,114 on Binance, followed by a swift 4% drop in total market capitalization to $3.36 trillion. This turmoil triggered substantial losses across major altcoins, including Ethereum (ETH), Dogecoin (DOGE), and XRP, which saw brutal pullbacks within 24 hours.
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According to CoinGlass, **$671 million** in leveraged positions were liquidated as Bitcoin price fluctuated near its all-time high (ATH) of $109,000.
What Caused Bitcoin’s Sudden Price Drop?
Technical Factors
- BTC briefly swept last week’s high of $105,663** but faced intense selling pressure at **$107,114, leading to a 4.23% decline to $102,579.
- Critical support zones now hover between $100K–$99K, a level previously identified as a potential reversal area.
Altcoin Correlation
The high correlation between Bitcoin and altcoins explains the domino effect:
- ETH dropped 8.76% in 13 hours.
- XRP fell 5.31%.
- DOGE plummeted 9.11%.
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Bitcoin Price Prediction: What’s Next?
Short-Term Outlook
- A bearish engulfing candlestick has formed, erasing Sunday’s 3.23% gain.
Key support levels:
- $101K (immediate support).
- $100.3K–$99.8K (demand zone).
Long-Term Bullish Targets
Despite the dip, analysts foresee:
- $118K** and **$135K as next ATH targets, contingent on stabilizing above $99K.
FAQ: Key Questions Answered
Why did Bitcoin crash today?
Bitcoin faced selling pressure after testing $107K, liquidating over $670M in leveraged positions.
How much did ETH, DOGE, and XRP drop?
- ETH: 8.76%
- DOGE: 9.11%
- XRP: 5.31%
What’s Bitcoin’s critical support zone?
The $100K–$99K range is pivotal; a breakdown could extend losses to $99.8K.
Final Thoughts
While short-term volatility persists, Bitcoin’s bullish macro trajectory remains intact. Investors should monitor $99K support and altcoin correlations for strategic entries.
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