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Bitcoin Drops to $117,927 After Record High Amid Rising Liquidations
Bitcoin hit $124,533 before falling to $117,927, with $342 million liquidated across the cryptocurrency market in the past 24 hours.
Glassnode data shows historically low demand for downside protection, raising the risk of sharp volatility spikes in the near term.
Key resistance sits at $127,000, with potential for a rise toward $144,000 if market momentum overcomes selling pressure at higher levels.
Bitcoin touched a new all-time high of $124,533 on Thursday before retreating sharply as broader market sentiment weakened. The decline followed significant profit-taking and ongoing macroeconomic concerns that weighed on digital assets.
In the past 24 hours, liquidations across major cryptocurrencies reached $342 million, signaling heightened selling pressure. The broader market extended its drop early Friday, pushing Bitcoin to $117,927 at press time, according to CoinGlass data.
Data from Glassnode showed Deribit’s Bitcoin DVOL indicator nearing historic lows, with only 2.6% of days registering lower levels. Such readings indicate limited demand for downside protection, which can leave the market vulnerable to abrupt volatility spikes
Additionally, the implied volatility ratio for Bitcoin remained elevated, with only 3.2% of days posting higher levels, suggesting that traders are factoring in medium-term uncertainty.
Key Technical Levels in Focus
Market analysis indicates that Bitcoin’s average entry price for new investors, combined with standard deviation bands, marks $127,000 as a critical resistance level. A sustained move above this level could open the path toward $144,000, a point where previous market cycles have faced heavy selling pressure.
The Short-Term Holder Spent Output Profit Ratio, a measure of whether recent buyers are selling at a profit or loss, briefly fell below neutral before recovering. This metric currently points to an average short-term entry price of around $112,000, providing a nearby support zone.
The post Bitcoin Drops to $117,927 After Record High Amid Rising Liquidations appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.