Date: Fri, June 13, 2025 | 06:23 AM GMT
The cryptocurrency market has just experienced a brutal shake-up, with more than $1 billion in liquidations rattling investor confidence. The primary trigger? Mounting geopolitical tensions, as Israel reportedly launched large-scale airstrikes on Iran, specifically targeting nuclear facilities. The event sent shockwaves through global markets — and crypto wasn’t spared.
Bitcoin (BTC) plummeted from a 24-hour high of $108,000 down to around $104,000, while Ethereum (ETH) took a sharper 9% hit, now hovering near $2,500. This volatility has caught many leveraged traders off guard.
$1B Liquidations Shake the Market
According to Coinglass, over 247,000 traders were liquidated in the last 24 hours, totaling $1.14 billion in liquidations.
The majority were long positions, with just around $100 million coming from shorts. The largest single liquidation order took place on Binance’s BTC/USDT pair, wiping out a $201.31 million position in one swoop.
Bitcoin (BTC) Outlook
The 4-hour BTC/USDT chart reveals that Bitcoin’s recent drop may not be the start of a full-scale collapse — at least not yet.
BTC has pulled back to the $103,600–$105,600 zone, which sits between the 0.382 and 0.618 Fibonacci retracement levels derived from a completed Bearish Cypher harmonic pattern. This zone is typically viewed as a Potential Reversal Zone (PRZ) — a place where buyers may look to regain control.
In addition, price has retested the falling wedge breakout trendline, which so far appears to be acting as a support.
If bulls successfully defend this region, Bitcoin could stabilize and potentially retest the $107K–$108K levels. However if the price drops back below the wedge breakout line, as that would invalidate the bullish pattern and potentially open the gates to $100,000 or lower.
Final Thoughts
The next few hours and days are critical. Traders should watch how BTC behaves around the $103K–$105K area. A bounce from this key harmonic zone would validate the bullish case, but if the support fails, Bitcoin might not find a solid floor until $100K or even slightly below.
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