Bitcoin’s Big Drop: $1B Gone in a Day! 🚀💸

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More than a billion dollars in crypto positions got wiped out in the past 24 hours as the market took a nap, sending Bitcoin from its lofty perch above $109,000 down to the humble $105,000. Some venues even saw it dip to $104,700-like a toddler’s tantrum, but with more numbers. 🤯💸

CoinGlass says roughly $717.7 million in perpetual futures got the boot, with $372 million on BTC and $252 million on Ethereum (ETH). Nearly 290,000 traders were “rekt” as margin calls hit like a rogue mule in a china shop, turning order books into chaotic jumbles. 🛠️💥

This plunge followed a failed attempt by BTC to break through the $116k-$123k ceiling earlier in the week. Now, technicians are pointing at $104k as the first line of defense and $100k as the next big hurdle. A rebound above $112k-$114k could save the day, but don’t hold your breath. 🕒⏳

Leverage Unwinds, Altcoins Scream, and Celebs Get Wiped Out! 🤯

Altcoins lagged like a toddler at a party, while capital fled to Bitcoin and stablecoins. The biggest single liquidation? A $20 million ETH-USD bet on HYPE that got snuffed out faster than a candle in a hurricane. 🧨📉

BNB fell like a rock, XRP slithered toward $2.20, and Volatility Shares tried to launch a 5x leveraged XRP ETF-because nothing says “safety” like 5x leverage. Meme coins? They’re the casualties of this chaos, with on-chain data showing folks ditching their bets faster than a hot potato. 🍳💥

The rout even caught famous degens. James Wynn lost 9.79 million kPEPE ($66k) in a single wipeout, then jumped back in like a fool. Machi Big Brother? He lost 206 ETH ($787k) when the price dipped below $3,800. His drawdowns now exceed his gains-proof that high leverage is a terrible idea. 🤡📉

What to Watch Next: Levels, Flows, and Volatility (Because You’re Not Ready for This!) 🎯

Short-term, traders are eyeing:

  • Levels: BTC support at $104k then $100k; resistance at $112k-$114k and $116k. For ETH, support at $3,800-$3,900, resistance at $4,200-$4,400. 📈📉
  • Flows: ETFs, stablecoin liquidity, and exchange balances. If money flows in, it’s a buy-the-dip party. If not? Back to the drawing board. 🕰️💸
  • Derivatives: Open interest, funding, and skew. After the purge, things might calm down… or not. Options activity suggests volatility is just getting started. ⚠️🌪️

Macro headlines (tariff threats, growth data, and the U.S. government shutdown) are the wild card. If BTC holds $104k and ETFs turn positive, a range rebuild is possible. If not? The market will turn its gaze to the $100k “round number” and chaos will ensue. 🏁💣

Cover image from ChatGPT, BTCUSD chart from Tradingview

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2025-10-18 11:14