$160M in BTC Longs Wiped Out as Bitcoin Breaks Below $103K

- Bitcoin (BTC) Drops Sharply Below $103,000 - $160 Million Long Position Liquidation on Binance [Unblock Media] Bitcoin (BTC) plummeted sharply below the critical support level of $103,000, leading to the liquidation of long positions on Binance, which saw the price drop to $102,500 within a few hours, according to data from CryptoQuant. Heatmap data indicated that $103,000 was a significant support level for overly leveraged long traders. Once this support broke, a chain reaction of forced liquidations ensued, removing risk-exposed participants from the market. CryptoQuant’s liquidation delta chart showed that over $160 million in long positions were liquidated as Bitcoin fell below $103,000. Simultaneously, Binance's market delta (7-hour moving average) entered negative territory, approaching -$100 million, marking the third largest negative delta movement this month. This imbalance indicated that selling pressure was overwhelming buy orders, further accelerating the decline. Analysts attribute this sharp drop to two main factors: 1. Forced Liquidation Selling - Automatic sell orders flooded the market as Bitcoin fell below $103,000. 2. Panic Selling by Retail Investors - Frightened by the rapid decline, retail investors placed emotional sell orders, adding to the downward pressure. Despite the sudden drop, CryptoQuant mentioned that the market could stabilize once excessive leverage is cleared out. Bitcoin is currently trading near a key support level, indicating a high likelihood of a short-term rebound if selling pressure eases.