105K Traders Liquidated as Bitcoin Drops Below $97,000; AI Tokens, ADA Surge

Bitcoin’s attempt to break past $100,000 hit a roadblock, leading to a wave of liquidations. Over 110,000 traders saw their positions wiped out, erasing $182 million from the market. Meanwhile, AI tokens and Cardano’s ADA surged, defying the broader market trend.

Bitcoin Struggles Below $97,000 as Liquidations Mount

Bitcoin’s latest price dip caught traders off guard. The digital asset slipped below $97,000, triggering a massive liquidation event. According to data from Coinglass, 110,923 traders were wiped out in the past 24 hours, with a total of $182.34 million in liquidations.

• $105.61 million in long positions were liquidated.
• $77.01 million in short positions met the same fate.
• The largest single liquidation was $1.97 million on Bybit’s BTCUSDT pair.

Bitcoin bulls attempted to push past $100,000 but failed to sustain momentum. Instead, the price tumbled to $96,000, a key level now under pressure. Analysts warn that without a strong rebound, BTC could test lower support levels before making another breakout attempt.

Key Resistance at $98,800 Stalls Recovery

Technical indicators show Bitcoin struggling against a key resistance level. The 20-day Exponential Moving Average (EMA) sits at $98,800, presenting a major hurdle for bullish traders.

A breakout above this level with strong volume could flip market sentiment. However, failure to reclaim it may keep Bitcoin trapped in a sideways range or push it lower.

Adding to the tension, Coinglass’s Liquidation Map highlights a significant cluster of short positions at $99,100. If Bitcoin turns bullish and reclaims this level, approximately $1.25 billion worth of BTC shorts could be liquidated. A successful push past $100,000 would intensify the short squeeze, potentially erasing $1.80 billion in short positions.

AI Tokens and ADA Defy the Market

While Bitcoin struggled, altcoins stole the spotlight. AI-related tokens and Cardano’s ADA posted impressive gains amid market turbulence.

Cardano (ADA) surged 9.73% in the last 24 hours, reaching $0.7699 at the time of writing. The rally came as investors flocked to altcoins, betting on projects with strong fundamentals.

Meanwhile, AI tokens AI16Z and ARC witnessed significant price jumps. The rally was fueled by heavy whale accumulation, with large investors buying into AI-driven blockchain projects.

Liquidation Data: Bitcoin’s Impact on the Market

The table below provides a breakdown of Bitcoin’s recent liquidations, highlighting the impact on traders and exchanges.

This data underscores the risk of leverage trading in volatile markets. With Bitcoin still hovering near crucial levels, more liquidations could follow if price movements remain unpredictable.

What’s Next for Bitcoin?

With the market at a crossroads, traders are closely watching Bitcoin’s next move.

• A decisive break above $98,800 could spark a short squeeze, pushing BTC higher.
• Failure to reclaim resistance may lead to another drop, potentially testing support at $94,000.
• The altcoin market remains active, with AI tokens and ADA showing resilience.

Bitcoin’s price action remains unpredictable, but one thing is certain—volatility isn’t going away anytime soon.