$1.1B Liquidated in Just a Few Hours: Bitcoin Hits a Low of $93K. What’s Going on?

And what's next for the Bitcoin price?

December 4, 2024, will go down as a very special day in the history of Bitcoin and probably of humanity. It's the day Bitcoin breaks the $100K barrier for the first time.

However, as is often the case with the Bitcoin market, it's important to maintain a sense of proportion. There's never a dull moment in a free market, and those just discovering how the Bitcoin market works were probably given a wake-up call the very next day, December 5, 2024.

While the Bitcoin price was still very close to its temporary ATH of $103.9K, a massive liquidation occurred: over $1.1 billion of leveraged positions were liquidated in just a few hours, including $560 million for Bitcoin alone. The price of Bitcoin went from $103K to $93K in just a few hours. At the height of the liquidation, the price of Bitcoin plummeted from $99K to less than $93K in just a few minutes:

On some exchanges, the price of Bitcoin was even close to dropping below $90K.

So what happened?

First of all, let me say that this phenomenon is nothing new. I already wrote an entire article on the subject on December 8, 2021... I encourage you to read it, as it will help you understand in detail what happened yesterday and what will potentially happen again in the future on the Bitcoin market:

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Having said that, let's return to the current situation.