Bitcoin breaks $98k support; cascade of liquidations not seen since May
Bitcoin fell 3% to $98,550.33 as of press time, slipping under the $100,000 psychological mark for the third time this month. The drop through the roughly $98k level — long seen as a last line of defense — sparked a cascade of leverage liquidations and coincided with persistent outflows from spot Bitcoin ETFs, producing concentrated selling pressure not seen since May.
The move matters because forced selling can amplify volatility across both spot and derivatives markets and prompt rapid rebalancing by exchanges, desks and traders. With sentiment turning risk-off, market participants will be watching ETF flows, liquidity at nearby technical levels and macro headlines for signs of whether buyers step in or downside momentum continues. Short-term traders should expect heightened choppiness while longer-term holders reassess exposure.