Bitcoin was lower on Tuesday morning as more than $1 billion in positions were liquidated by traders. 
BTCUSD – Daily Chart
BTC has failed to find strength above $115,000 and may slide toward the $107,000 level next. Bitcoin moved lower after an initial $280 million in leveraged long positions were liquidated. Data showed that $1 billion was liquidated across exchanges in only one hour as traders got jitters about the price’s recent stalling. A short-lived bullish move occurred after the Federal Reserve’s recent interest rate cut last week, but the price stopped at the $117,500 mark. The $100 and 107K levels are now in play if further profit-taking emerges. However, CryptoQuant data showed investors were buying aggressively into the dip, with the Coinbase Premium Index remaining strongly positive, CoinTelegraph noted. That demand for spot prices was keeping a floor under the recent downside move. Some of the downside moves were due to a liquidation of futures positions, and that could be a reset for further spot market dominance. Futures markets saw one of the largest long liquidations in months, with nearly 80% of the selling concentrated on the Bybit exchange. That would imply that the move was driven by a large investor who created a downward momentum. Another $3 billion in long positions is now exposed at the $107K level, approximately. Crypto data provider Glassnode said that the short-term holder cost basis sits near $111,400. A move below that level would also clear out weak hands in the market and may happen before any further rally. Sustained trading below this “battle line” between bulls and bears could cement a transition to mid- to long-term bearish structure. A lot of the upside momentum has been helped by continued buying from BTC treasury firms. That may slow if the price tests the $100K level, where many companies started jumping on the bandwagon for crypto balance sheet holdings.
