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<p class="is-style-lead">Bitcoin shrank under the $100,000 psychological level after hitting a new all-time high yesterday; the Bitcoin market was liquidated to more than half of a billion dollars just in a day.</p> 
<p>The crypto market, at the time of writing, has seen massive market liquidations of up to $565 million on Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) alone, as the coin reached a new all-time high of $103,900 on Dec. 04.</p> 
<p>The total of the day’s market liquidations reached $1.09 billion, which was led by Bitcoin and followed by other crypto, including others’s $120 million, Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) $107 million, and Ripple’s token (<a rel="" href="https://crypto.news/price/xrp/">XRP</a>) $54 million.</p> 
<figure class="wp-block-image size-large">
 <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow"><img loading="lazy" decoding="async" width="1024" height="385" src="https://crypto.news/app/uploads/2024/12/Screenshot-2024-12-06-073740-1024x385.png" alt="Bitcoin drop to $97k as the market liquidated $565 million - 40" class="wp-image-14316701"></a>
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  24 Hours Market Liquidations Map, December 06, 2024 | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">CoinGlass</a>
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</figure> 
<p>The long positions have dominated the liquidations by over $814 million, while the short position was $280 million, with 208,505 traders liquidated. OKX has seen the largest single liquidations of $18.94 million.</p> 
<p>MacroCRG, in his <a rel="nofollow" href="https://x.com/MacroCRG/status/1864802923642790197/photo/1" target="_blank">X post</a> on Dec. 06, says this is “the biggest liquidation event since August”. Another crypto enthusiast on social media also expressed their concern that this liquidation is the biggest happening since 2021, as well as the largest liquidation of the bull run market so far.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/bitcoins-100k-break-boosted-bonds-in-el-salvador/"> Bitcoin’s $100k break boosted bonds in El Salvador </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-price-movement-and-projection">Bitcoin price movement and projection</h2> 
<p>After weeks of stumbled price, Bitcoin headed back to the $98,000 level yesterday. Suddenly, <a rel="" href="https://crypto.news/bitcoin-hit-100000-for-the-first-time-in-the-history/">the price breaks</a> the target of $100,000 as the market expected to happen before 2024 end.</p> 
<p>The price rose again and made a new all-time high of $103,900 after a surge of more than 5% in a day. The U.S. President-elect Donald Trump even celebrates the event by congratulating the Bitcoiners on his X’s post.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!<br><br>Donald Trump Truth Social 07:55 AM EST 12/05/24 <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@realDonaldTrump</a></p>— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) <a href="https://twitter.com/TrumpDailyPosts/status/1864662062204350760?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 5, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>The liquidations show the market enthusiast, but another price target is still a long way to go. Numerous institutions and personalities have set the next target for Bitcoin, which is between $200,000 and $500,000.</p> 
<p> Read more: <a rel="" href="https://crypto.news/bitcoin-breaks-100k-whats-next/"> Bitcoin breaks $100K: What’s next for Ethereum, altcoin season and key levels to watch </a> </p>

Bitcoin drop to $97k as the market liquidated $565 million

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