Bitcoin tumbled to $95k after $540 million in long liquidations

Bitcoin’s stint at its new all-time high of $108,200 was short-lived. In less than a week, its price dropped by over 12%, reaching $95,000 on Dec. 23.

While pullbacks ranging from 20% to as high as 30% are commonplace dulling bull rallies, this price reversal was accompanied by a cascade of long liquidations, which further amplified the downward price pressure over the weekend.