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Bitcoin Price Drops to $111,300 After Whale Selling Triggers Market Bloodbath
Bitcoin experienced a dramatic sell-off on Monday, plummeting to as low as $111,300 and erasing the gains from Friday’s rally that was sparked by Federal Reserve Chair Jerome Powell’s dovish speech. The sharp decline came as whale activity disrupted the market momentum, triggering widespread panic among leveraged traders.
Market Carnage Reaches $800 Million
The cryptocurrency market witnessed unprecedented liquidations as Bitcoin’s drop below $112,000 created a domino effect across derivatives trading. Over $642.4 million in long positions were liquidated, with Bitcoin alone accounting for $235.5 million of the destroyed capital. Ethereum followed closely behind, suffering $155 million in long liquidations.
The total market damage reached a staggering $806.95 million when combining both short and long position liquidations, highlighting the extreme volatility that continues to plague digital assets.
Technical Analysis Points to Further Decline
Market analysts are closely monitoring Bitcoin’s liquidation heatmap, which reveals significant buy orders concentrated in the $110,500-$109,700 range on weekly timeframes. Additional bid orders are building down to $108,000, suggesting the possibility of further downward pressure as the market seeks to sweep liquidity from these levels.
Trader Jelle warned on social media that “Bitcoin is still murdering leveraged traders around the range lows,” emphasizing that the cryptocurrency needs to hold above the monthly open at $111,900 to prevent a deeper correction toward $100,000.
Analyst Predictions Vary Wildly
Despite the current bearish sentiment, crypto analysts remain divided on Bitcoin’s trajectory. Captain Faibik noted that support around $111,800 was “getting weak” and could trigger a fresh decline toward the $107,000-$108,000 zone if broken.
However, some maintain bullish long-term outlooks. Analyst Gert van Lagen believes Bitcoin’s parabolic structure remains intact with a target of $350,000, though he cautioned that invalidation could see prices drop toward $95,000. MN Capital founder Michael van de Poppe viewed the dip as a “great entry” opportunity, while BitQuant maintained his $145,000 cycle top target for 2025.
The current downturn represents an 11% decline from Bitcoin’s August 14 all-time high of $124,500, leaving the crypto community questioning whether this marks a temporary correction or the beginning of a more prolonged bear phase.
