Bitcoin Retracts by $4,000 as the Long-Awaited $100,000 Threshold Takes Forever to Reach

The liquidation levels witnessed over the weekend were the biggest in over half a year as Bitcoin retraced by roughly $4,000 over the weekend.

Bitcoin price retraced on Sunday, leading to the biggest crypto liquidations in over half a year. The last time a higher level of crypto liquidations were witnessed was on May 19.

However, Bitcoin price remained above $98,000 on Sunday evening, despite retracing from its all-time high of $99,645, which was last seen on Nov. 22.

Meanwhile, the second crypto performed poorly last week, sparking fears of an altcoin top. But Dogecoin, XRP, and Stellar outperformed the last major altcoin surge.

Levels of crypto liquidations witnessed over the weekend were last seen on May 19.

Data from Coinglass revealed that over $470 million in crypto positions were liquidated over the last 24 hours. Of the total liquidations, $352.6 million were long liquidations and $119.9 million were short liquidations.

Levels of crypto liquidations witnessed over the weekend were last seen on May 19.

Bitcoin and Ether accounted for a combined $108.9 million in liquidations, while Dogecoin, XRP, and Stellar rounded out the top five with $33.1 million, $27.6 million, and $21.6 million liquidated, respectively.

Solana, Sandbox, Polkadot, and Cardano saw the next largest liquidations. Notably, Bitcoin’s retraction did not have much impact on other altcoins, with some pumping over the weekend and outperforming the last major altcoin surge.

Levels of crypto liquidations witnessed over the weekend were last seen on May 19.

Dogecoin, the largest memecoin, surged by 52.1% in the last 14 days, making it one of the best performers in the market. Another high-performing altcoin was Stellar (XLM), which surged by over 50% in the last week.

Analyst Reacts to Altcoin Surges

Analysis pointed out that the altcoins are approaching 2021 levels in terms of performance.

“There has been a paradigm shift in the crypto market dynamics over the past 2 days. I’ll explain how.

There are currently 3 camps of “retail”, each with a very different motive/perspective: “The Old Guard”, “Fresh”, and “Crypto-Native”.

“The old guard” are logging onto Coinbase/Robinhood for the first time in years, and are seeing their old bags (like $XRP, $ADA, $DOGE, etc) up massively. They then tell their friends, who are already familiar with these tokens, so there is less mental friction when it comes to entering a new position/holding these coins.

Then, you have CT (“crypto-native”) retail, who are more experienced, and have probably outperformed the majority of this year, but are now experiencing the first week of underperforming (likely still making money, but just less than other sectors). Many of them are now feeling like they’re “mid-curving”.

Miles explained.

Levels of crypto liquidations witnessed over the weekend were last seen on May 19.

Levels of crypto liquidations witnessed over the weekend were last seen on May 19.

Altcoins like Solana, Dogecoin, and Cardano surged by 4.5%, 15.3%, and 38.0% in the last 7 days, respectively.

Bitcoin is currently trading at $98,309, down 1% from its all-time high of $99,645 on Nov. 22. The primary crypto came very close to the long-awaited $100,000 price target last week, hitting $99,645 on Monday.