Bitcoin (BTC/USDT)
The chart shows a sharp correction from the $124,000 resistance zone, followed by a major liquidation event that wiped out:
Long positions: $16.81B
Short positions: $2.50B
This represents one of the most volatile 24-hour periods in recent months — aligning with the Fear & Greed Index drop to Extreme Fear (24).
$123,000 – $124,000 Major Resistance Strong supply area — multiple rejections in past rallies.
$111,000 – $110,000 Current Support Zone Price is currently consolidating here after the crash.
$102,000 – $104,000 Powerful Support Historical accumulation zone — where buyers previously stepped in aggressively.
Resistance Rejection
At the top of the range ($123,000-$124,000), BTC encountered heavy resistance, triggering large-scale profit-taking and the liquidation of overleveraged long positions.
This area has acted as a strong rejection zone several times since August, indicating sellers are defending it aggressively.
Breakdown and Liquidations
After the breakdown of the descending triangle, cascading liquidations forced a steep drop.
This led to a high-volume candle (highlighted area) where:
Liquidity was cleared both above and below key support levels.
Market sentiment flipped rapidly from Greed → Extreme Fear.
This kind of liquidation sweep often signals a short-term capitulation — a flush before possible recovery.
Support & Market Structure
Price bounced from near $110,000, a previous structure support level.
If BTC maintains above $110,000, it may attempt to stabilize and retest mid-range resistance around $115,000-$116,000.
However, if price breaks below $110,000, we could see a retest of the $102,000-$104,000 demand zone, which is marked as “Powerful Support” — a key area where long-term buyers might re-enter.
DYOR | NFA
