The ongoing cryptocurrency market sell-off has triggered over $200 million in Bitcoin (BTC) liquidations as the leading digital asset slipped below the key $100,000 support level.
In the past 24 hours, Bitcoin recorded $209.1 million in liquidations across major exchanges, according to data from Coinalyze retrieved by Finbold on June 22.
The majority, $206.8 million, came from perpetual contracts, with an additional $2.4 million from futures contracts.
Long positions were hardest hit, accounting for $184 million, compared to $25 million in short liquidations. The data reflects activity across platforms such as Bybit, Binance, OKX, Bitfinex, Huobi, and BitMEX.
Bitcoin price analysis
The extended liquidation coincided with Bitcoin falling below the psychological $100,000 mark. Bitcoin was trading at $99,046 at press time, down 4% in the last 24 hours and over 5% in the past week.
Technically, the asset is showing short-term weakness but maintains a longer-term bullish structure. To this end, BTC is trading below the 50-day simple moving average (SMA) of $104,908 but remains well above the 200-day SMA of $87,554.
The 14-day Relative Strength Index (RSI) stands at 42.15, signaling neutral to slightly oversold conditions. While not yet in oversold territory, it suggests limited buying pressure and room for a rebound if support holds.
As reported by Finbold, analysts warn that slipping below $100,000 could pave the way for further downside. The report suggested that Bitcoin could retreat to around $80,000 in the coming months if the selling pressure persists.
On the other hand, cryptocurrency trading expert Michaël van de Poppe’s analysis in an X post on May 22 indicated that Bitcoin has recorded a sharp rise in volatility. He views this as a potential capitulation phase, with the market nearing a major support zone.
A strong reaction here could signal a reversal, while a failure to hold may lead to further downside.
The general market decline appears to be an investor reaction to the U.S. joining the Israel-Iran conflict, with President Donald Trump announcing late Saturday that American forces struck three Iranian nuclear sites. The escalation has rattled financial markets and may continue to weigh on crypto sentiment.
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