Bitcoin dips below $92K as 24-hour liquidations hit $1 billion

December 6, 2024

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Bitcoin briefly drops over 10% from its $104K high, rebounding to $96.5K as liquidations hit $1 billion.

Key Takeaways

Bitcoin’s price dropped below $92,000, resulting in over $1 billion in liquidations within 24 hours.
Bitcoin quickly recovered to $96,500 after a 10% decline from its all-time high.

Bitcoin briefly dipped below $92,000 today, marking a sharp decline of over 10% from its all-time high of $104,000 reached on Wednesday.

The sudden drop caused over $1 billion in liquidations across the crypto market within 24 hours, with approximately $810 million coming from long positions, according to data from CoinGlass.

Despite the volatility, Bitcoin’s price quickly rebounded and was trading at $96,500 at press time. The rapid recovery suggests strong underlying demand even amid heightened market uncertainty.

Interestingly, while altcoins experienced slight declines during Bitcoin’s drop, the broader crypto market showed notable resilience.

Major tokens such as Solana recovered to $237, Ethereum to $3,780, and Dogecoin to $0.42, bouncing back quickly after the dip and stabilizing alongside Bitcoin.