Bitcoin Price Drops to $101K, Where’s the Bottom?

The cryptocurrency markets continue bleeding out, with Bitcoin dropping to as low as $101,000 earlier today.

At the time of this writing, BTC recovered slightly and trades above $102,000 but analysts are scraping for answers and looking for the local bottom.

As seen from the 1-hour chart, at least on that time frame, the cryptocurrency has been in a clear downtrend for the past five days, marking lower highs and lower lows consistently.

Data from Coinglass also reveals elevated levels of liquidated positions across the leverage market. Almost $700 million were wiped off, which is a 35 increase compared to the day before. Naturally, the overwhelming majority of that were longs, accounting for around $600 million of the total.

The heatmap below also paints a depressing picture. As you can see, with the exception of LEO, every single altcoin from the top 50 (by market capitalization) is charting significant losses over the past 24 hours.