Bitcoin fell below $115,000 on August 1, reaching its lowest level since July 11 after a sustained period of volatility. The drop marked a retracement from the asset’s July 14 peak, when it hit an all-time high of $123,000. The retreat to $114,000 punctuates a 7% pullback from the July high and reflects the broader instability characterizing the crypto market’s late July performance.

The early July period had been marked by aggressive upward momentum. Between July 10 and 11, Bitcoin surged from $110,000 to $118,000 in under 24 hours. That spike represented a 7.2% single-day jump, coinciding with a rush of leveraged short liquidations across derivatives markets and fueling speculation around increased institutional interest.

Following the July 11 surge, BTC rallied further and recorded its all-time high of $123,000 on July 14. However, that level proved to be a temporary ceiling. Despite multiple consolidation attempts above $118,000 throughout the second half of July, Bitcoin repeatedly failed to regain bullish momentum.

This plateau phase saw intraday fluctuations compress into a narrowing range, indicating weakening buying pressure. Per CryptoSlate’s earlier reporting, some traders attributed the stall to profit-taking from early entrants and cautious positioning ahead of the FOMC’s inflation guidance this week, which held rates at 4.4%.

The correction that followed today was exacerbated by over-leveraged positioning in perpetual contracts.

According to liquidation data, more than $705 million in long positions were wiped out across major exchanges in the past 24 hours, with Binance and Bybit accounting for over 67% of the total.

These liquidations coincided with Bitcoin’s slide below $115,000, accelerating downside momentum and pushing the price to levels not seen since the July 10 rally. Market data also shows that more than $12 million in BTC-specific liquidations occurred in the past hour alone, further confirming cascading leverage unwinds.

Despite the sell-off, Bitcoin’s price is still up over 8% since the start of July. Should BTC break below the $113,500-$114,000 support region, there’s a risk of a revisit to early July consolidation zones near $110,000. On-chain metrics, including declining active addresses and dropping exchange outflows, have also supported a short-term bearish outlook, according to data from Glassnode.

The broader altcoin market mirrored Bitcoin’s losses. Ethereum dropped 6.4% to $3,611, while Solana and XRP fell over 7% each in the same 24-hour window. Market-wide long liquidations amounted to over $680 million, accounting for more than 93% of total liquidations, illustrating an overwhelmingly long-heavy derivatives landscape prior to the correction. This uneven leverage skew likely contributed to the sharp cascade, as high beta assets amplified losses amid falling BTC prices.

However, it is also possible that Bitcoin followed altcoins for once, with overleveraged alts retracing after July’s ‘alt season’ rally.

Bitcoin’s drop to $114,000 caused a drop in the fear and greed index, with the metric falling to ‘neutral’ after a period of ‘greed’.

Though the recent decline has rattled short-term sentiment, BTC’s price remains well above its June consolidation range near $100,000 and its 4-month low of $74,000, reflecting a longer-term bullish structure despite the current turbulence.

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The most successful asset of the last 15 years is once again annihilating the doubters.

In the last hour, a total of $687.22 million in Bitcoin shorts have been liquidated, according to the crypto data aggregator CoinGlass.

The shorts have provided rocket fuel for a sudden move above $116,000.

BTC began the day at around $111,000, and is up 4.7% in the last 24 hours.

This week’s rally has placed BTC’s total value above tech giant Google, with only Amazon, Apple, Microsoft, Nvidia and Gold remaining in front.

The rally also once again places BTC closer in line with M2 global liquidity, which measures the total money supply, including cash, checking deposits and easily convertible near-money assets.

Although no one knows what’s next Bitcoin, macro analyst Martin Folb is sharing an updated map of BTC’s price against global liquidity.

He tells his 219,000 X followers that BTC has officially moved past a key accumulation zone.

“Wyckoff Accumulation is officially over. Distribution begins as price follows global liquidity to $125k on way to $160k. I will be posting the next Wyckoff Distrubition to reacculuation schematic in confirmation.”

Wyckoff Accumulation is a technical analysis pattern that strategically tracks an asset during an extended consolidation phase, using price and volume behaviors to identify when supply at lower prices is absorbed.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Exchange dashboards show shorts carried almost the entire weight: on Bybit, HTX, Gate.io, and CoinEx, more than 95% of BTC positions liquidated were shorts, and across the market, the ratio sat near 94.8%. Bybit led the tally with $163.92 million in BTC losses, followed by HTX at $50.87 million and Gate.io at $44 million, while Binance, OKX, and smaller venues filled out the rest.

The wipe-out unfolded after a sharp price rebound. Spot data place sBitcoin’s closing price on April 22 at $93,480 and today at $93,710, up almost 8% from Tuesday’s open of $87,511. The squeeze coincided with a sharp expansion in open interest: aggregate BTC OI climbed from $58.46 billion to $67.28 billion in 24 hours, a 15% jump that showed the inflow of fresh leverage.

An $8.8 billion burst of new contracts, many concentrated on perpetual venues, created a fertile backdrop for abrupt liquidations once the price pushed beyond $90,000.

Macro news set the stage for the rally. The IMF cut its global growth outlook and warned of stickier inflation. Hours later, US Treasury Secretary Scott Bessent hinted at progress on trade talks with China, easing tariff angst and lifting risk appetite.

Meanwhile, a note from Standard Chartered flagged a twelve-year high in the US term premium and argued Bitcoin is undervalued versus emerging systemic risk, stoking demand for crypto as a policy hedge. Together with these headlines, the market drove a swift rotation out of bearish bets.

Why were shorts so exposed? Traders had been leaning into downside plays while open interest ballooned in the past month, with many positioning for softer prices on tariff volatility and higher real rates. When the macro tone flipped, thin liquidity between $90,000 and $94,000 accelerated the climb through stop zones, forcing automated liquidations.

The cascade bled into ETH, which lost $130.31 million, yet Bitcoin’s dominance shows that the bulk of speculative leverage had gravitated to BTC pairs. Bybit’s outsized share shows how different platforms shape liquidation flows. The exchange captured more than half of BTC losses, helped by its relatively low maintenance margin and popular inverse-perp contracts. HTX and Gate.io, with higher retail participation, saw double-digit shares as well. Meanwhile, Binance’s smaller slice, just under 9%, reflects stricter leverage rules in force since 2024.

The combination of such a high surge in open interest and sharply positive funding rates shows traders are crowding into leveraged longs rather than rebuilding exposure evenly. Volume and open-interest weighted funding rates on major platforms are now positive, so longs are paying an increasing carry to keep their positions. That premium signals a pronounced bullish tilt: if spot holds above $90,000, the positive carry could increase leverage. But if price stalls, high funding costs will push traders to cut size quickly, setting the stage for a long-side shake-out.

The post Bitcoin’s spike above $93k wipes out shorts, $652M liquidated across the market appeared first on CryptoSlate.

Crypto assets are witnessing a fresh wave of liquidations as President Trump’s new tariffs rock global markets.

Trump’s new blanket tariffs target a long list of nations and go further than many analysts expected, sparking widespread economic uncertainty and volatility in both traditional and digital asset markets.

Bitcoin’s price has plummeted from a 24-hour high of $87,790 down to $82,223 at time of publishing, with $518 billion in liquidations hitting BTC and the digital asset market at large in the last day, according to CoinGlass.

The Dow Jones Industrial Average is down more than 1,000 points in after-hours trading, the S&P 500 futures have dropped by 3.5% and the Nasdaq 100 futures have dropped 4.2%.

Trump has signed an executive order imposing a 10% tariff on all imported goods entering the US, effective April 5th, with the stated goal of protecting domestic manufacturing.

He also issued a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.

At a Rose Garden address, Trump said the reciprocal tariffs are designed to address decades of unfair trade practices and restore economic fairness for the United States.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/KDdesignphoto