Bitcoin’s Descent into Madness: $1.3B Wiped, $104K the New ‘Paradise’ 😂📉

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Key takeaways:

  • Bitcoin, that capricious beast, plummeted 17% from its lofty perch on Tuesday, now wallowing beneath $104,000 like a disgraced tsar.

  • The market’s liquidity was siphoned by a mischievous specter: $1.3 billion in losses over 24 hours, leaving traders clutching their wallets like a drunkard clings to a last kopeck.

  • To avoid a deeper plunge toward $100,000, Bitcoin must reclaim $105,000-preferably before the cows come home and the moon turns to cheese. 🐄🧀

Bitcoin (BTC), that most unreliable of friends, allowed the bears to unleash their wrath during the European Trading session on Tuesday. The descent to $104,000 was so brutal it left leveraged positions gasping like fish out of water, their funds liquidated with the grace of a drunkard’s stumble.

Bitcoin’s Liquidity Massacre at $104,000

BTC, in a fit of pique, sank to $104,130 on Tuesday, reversing Sunday’s euphoric spike to $111,000. Derivatives traders, now sporting existential dread, adopted a “risk-off” stance faster than a peasant dodging a noble’s tax collectors.

This fiasco extended the gap from the Oct. 6 all-time high of $126,000 to 17%, accompanied by derivatives market carnage that would make a Cossack’s raid look tame.

Over $1.21 billion in long positions were liquidated-Bitcoin alone accounting for $377 million. Ether (ETH) followed suit, liquidating $316.6 million in longs, proving that even the second-place finisher gets no crown.

The grand total of $1.36 billion wiped out of the market reads like a ledger from a particularly drunken accountant. Behold the chaos below:

The pièce de résistance? A $47.87 million BTC-USDT long position on HTX was liquidated-a single trade that could fund a small village’s worth of vodkas. 🥃

Massive long liquidations signal capitulation, while heavy short wipeouts hint at tops-unless the market prefers to dance the waltz of madness forever. 🕺

CoinGlass reported a 4% drop in Bitcoin’s futures open interest (OI) in 24 hours. The Chicago Mercantile Exchange, once bullish as a charging bull, saw its OI plummet 9%-a tragedy rivaling a peasant’s failed harvest.

CME #Bitcoin OI decreased by -9.39% in 24 hours.

What happened?😒

– CoinGlass (@coinglass_com) November 4, 2025

Declining OI suggests reduced leverage and participation, signaling bulls have fled to greener pastures-or perhaps a tavern. For context, a 10% OI drop in late September coincided with an 8% BTC price drop. A lesson in humility, perhaps?

$100,000: Bitcoin’s Final, Desperate Act of Defiance

BTC’s latest lows below $105,000 left traders pondering whether the next support level is a number or a punchline.

Popular trader Jelle declared on X: “After a bunch of attempts, bears have finally forced their Bitcoin breakdown.” A poetic victory for pessimism, one might say.

Jelle insists Bitcoin must reclaim $105,000-$107,000 to avoid a “deeper correction”-a correction that would make a Siberian winter feel like spring.

“The next area of support is $100K.”

Trader AlphaBTC warned that a daily candlestick close below $105,300 could trigger a downward spiral toward $100,000. A fate so dire, even the moon might weep. 🌙😢

📈#Bitcoin LTF game plan 📈

I would really like $BTC to hold this low now, and confirm a deviation below last Thu low, and at minimum push up into the 112k’s.

Will be watching both pink boxes, and if it loses yesterdays low I will be watching for < 100K.#Crypto #BTC

– AlphaBTC (@mark_cullen) November 4, 2025

CryptoMoon’s report ominously notes that bulls must defend $100,000 with the vigor of a drunkard defending his last bottle. A break below it? Prepare for a new downtrend, or a new excuse for a toast to failure. 🍻

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2025-11-04 13:14