Crypto Markets Stumble as Bitcoin Dips Below $100K, Triggering $300M in Long Liquidations

Bitcoin’s brief foray above the $100,000 milestone came to an abrupt end on Monday, setting off a wave of selling across the cryptocurrency market. The dip pulled major and mid-cap tokens into the red and led to $300 million in liquidations of bullish positions.

After hitting six figures, bitcoin fell 2% during European trading hours, dragging down key altcoins. XRP, Solana (SOL), and dogecoin (DOGE) dropped as much as 5.5%, while ether (ETH) and Binance’s BNB saw more modest declines of 2.5%. Cardano’s ADA fared the worst among the majors, tumbling 7%, following a temporary compromise of the Cardano Foundation’s X account on Sunday.

The CoinDesk 20 (CD20), which tracks the top 20 cryptocurrencies by market cap, fell 3.6% amid the market turbulence. Mid-cap tokens were hit even harder, with losses reaching 10%, according to Coingecko data.

Liquidations surged as the sell-off intensified, with futures tied to smaller altcoins and meme tokens recording the heaviest losses. Binance saw the largest single liquidation—a $5.53 million DOGE futures position—highlighting the risk concentration in speculative assets.

Market analysts remain cautious about the near-term outlook. Singapore-based QCP Capital suggested in a Telegram update that the market is unlikely to see significant upward movement until 2025. “Spot prices are likely to range through the holiday season,” the firm stated. “Historically, Ethereum doesn’t break new all-time highs until January of the post-halving year. This is mirrored in options markets, where ETH risk reversals show a strong bias toward calls beginning in January.”

Bitcoin’s inability to consolidate above $100,000 is raising concerns about the strength of the current rally. “The failure to hold $100K is stalling enthusiasm across the market,” FxPro’s Chief Market Analyst Alex Kuptsikevich wrote in an email to CoinDesk.

As bitcoin hovers just below $99,000, Kuptsikevich sees the pullback as a potential opportunity for the market to recalibrate. “This dip may be a necessary correction to cool off short-term overbought conditions and prepare for a more sustainable push higher,” he said.

Looking forward, Kuptsikevich predicts that bitcoin’s next bullish move could target the $120,000 range, supported by Fibonacci extension patterns. “This pause could set the stage for a stronger and more reliable rally in the weeks ahead,” he added.