After reaching near its all-time highs last week, Bitcoin’s price has recently shown signs of weakness and slower momentum. On June 20, Bitcoin briefly dipped below $103,000 amid a broader crypto market sell-off.
On-chain analyst Amr Taha of CryptoQuant highlighted that a significant cluster of long positions around the $103,000 level on Binance was liquidated, involving over $160 million in long liquidations. This event caused the Bitcoin Net Taker Volume on Binance to fall sharply into negative territory, around -$100 million, indicating aggressive selling pressure.
Taha explained that the deep negative Net Taker Volume reflects a combination of forced long position closures and possibly panic selling by retail traders fearing further declines. Despite the immediate market impact, he suggested that such liquidation events could pave the way for healthier and more stable price action going forward.
“While such events often feel devastating in the moment, they lay the groundwork for healthier price action. Given these dynamics, the path of least resistance may now shift upward as Bitcoin stabilizes above key support levels with reduced leverage overhead,” Taha said.
As of now, Bitcoin trades near $103,450, down just over 1% in the last 24 hours, showing signs of consolidation after the recent downturn.