- BTC is currently trading at $89,564.75 plunged sharply after an initial PCE-driven pump, triggering heavy long liquidations.
- Charts show BTC rejecting near $91K before accelerating its downside move.
- CoinGlass data confirms a major spike in long liquidations, adding to market volatility.
The price of Bitcoin (BTC) plummeted today after the release of the cooler-than-expected U.S. Personal Consumption Expenditures (PCE) inflation report produced an upward impulse on BTC for a short time.
The initial upward impulse quickly reversed, with BTC falling back down into the $88,000 range, pulling down the rest of the cryptocurrency market and eliminating all leveraged long positions. At press time, BTC is currently trading at $89,564.75 with a decline of 2.64% over the past 24 hours.
$100M Longs Liquidated in Minutes
According to the recent update on X by Ash Crypto, noted that after the release of the positive macro data for Bitcoin and ETH, both coins initially rose in price but then crashed quickly after.
As a result of this massive selling pressure, Bitcoin and ETH saw the liquidation of nearly $100 million in long positions in less than thirty minutes. The rapid, massive sell-off and subsequent liquidation represent just how extreme the level of leverage and how fragile the current state of the cryptocurrency market is to short-term liquidity shocks.
Also Read: Bitcoin Eyes New Highs: Can BTC Hit New ATH By January 2026?
BTC Rejection at $91K Sparks Selloff
The TradingView Bitcoin chart illustrates a clear rejection from the $91,000 range and the subsequent aggressive liquidation action that developed. The candle formations suggest increasing downward pressure, which forced Bitcoin under previously established intraday support areas. Once the 1-hour bullish structure broke, sellers were able to gain control and trigger multiple rounds of cascading liquidations.
Longs Wiped Out in Liquidation Frenzy
The Bitcoin liquidation graph from Coinglass shows that Bitcoin has experienced a noticeable increase in long liquidation numbers, which mirrors what the tweet stated. The huge green bars that are displayed immediately following the drop represent the many traders who were removed from their long positions as a result of the rapid decline in prices.
In conclusion, the rapid change in trend for Bitcoin signifies the very unstable nature of leverage-related price movements. As long liquidations continue to grow and momentum continues to slow, it is reasonable for traders to anticipate continued volatility over the upcoming months.
Also Read: Bitcoin (BTC) ETF Flows Surge as Vanguard Sees $1B in Early Trading
