Bitcoin has once again reminded the market of its unforgiving volatility. In the past 24 hours, a major liquidation event wiped out over $111 million from a single trader’s position, raising concerns about growing leverage and testing the resilience of key technical support levels. This comes as BTC struggles to hold above the $104,000 mark, with traders closely watching for signs of a deeper correction or a new leg upward.
One Whale, One Mistake: $111M Gone in Hours
A trader identified by the address 0x916E was liquidated for 1,057 BTC—worth over $111 million—after Bitcoin spiked unexpectedly. According to on-chain data shared by Lookonchain, the user went from a $3.41M profit to a $3.54M loss within the same day. The position was opened on Hyperliquid, one of the fastest-growing decentralized derivatives platforms, and carried extreme leverage.
This event adds to the growing narrative around whale risk and leverage-driven volatility. It also echoes previous high-profile wipeouts, where large players underestimated how quickly sentiment and price can shift in a fast-moving crypto market.
Bitcoin Price Analysis: Support at $102K in Focus
From a technical standpoint, Bitcoin is showing signs of short-term weakness. After testing the $106,000 resistance, BTC pulled back sharply and is now trading near $104,700.
Source: Tradingview
The most important levels to monitor in the coming days are:
- $102,000 – Key short-term support, previously acting as resistance in May.
- $98,000 – A major liquidity zone that coincides with the lower range of the last breakout.
- $94,500 – A longer-term volume support visible on macro charts.
If Bitcoin breaks below $102,000 with volume, it could trigger another round of cascading liquidations, particularly in the derivatives market. On the flip side, a strong bounce from this level would reestablish bullish momentum and potentially lead to a retest of $106,000 and beyond.
Market Implications: Derivatives Risk Is Growing
This liquidation event is not isolated. It reflects a broader trend of traders increasing exposure through high leverage, often without adequate risk management. With Bitcoin ETFs attracting institutional flows and market depth improving, many expected volatility to decrease. However, the reality is that derivatives-driven spikes are still capable of destabilizing key levels.
As we covered in our previous article Bitcoin Price Forecast: BTC Eyes $90K as Technical Indicators Signal Bullish Momentum, the uptrend remains intact in the macro view. But in the
