ChainTech Africa

May 31, 2025

Bitcoin’s price dipped below $104,000 earlier today, leading to significant market turbulence and triggering approximately $600 million in liquidations across the cryptocurrency market. This sharp decline has raised concerns among investors and analysts about the potential for further volatility.

The downturn was particularly impactful for leveraged traders, with long positions accounting for the majority of the liquidations. The largest single liquidation occurred on Huobi, involving a BTC order valued over $14 million .

Despite the immediate market shock, Bitcoin’s price has shown signs of recovery, trading at $104,593 at the time of writing, slightly above the earlier low of $103,289 . This rebound suggests that while the market remains volatile, there is underlying support preventing a more severe downturn.

Analysts are closely monitoring key support levels to assess whether this recovery is sustainable. The current price above $104,000 is seen as a critical threshold; a sustained drop below this level could signal deeper market corrections.

In summary, the recent drop in Bitcoin’s price below $104,000 has led to significant liquidations, highlighting the risks associated with leveraged trading in volatile markets. While the market has shown signs of recovery, investors should remain cautious and prepared for potential fluctuations in the coming days.