Bitcoin is trading at $101,645, down 2.79% over the past 24 hours, while ethereum follows at $2,432, marking a 2.9% daily decline. The downward movement coincides with a cascade of liquidations across the crypto derivatives market. Over the last 24 hours, a total of $699.71 million in leveraged positions were wiped out, with long traders accounting for $484.85 million of the losses, while short liquidations came to $214.86 million. Notably, bitcoin traders bore the brunt of the selloff, losing $80.02 million, followed by ethereum with $45.49 million in liquidations.

BTC/USD 1H chart via Bitstamp on May 12, 2025.

Other tokens added $31.53 million to the total. The largest single liquidation recorded occurred on Bybit’s BTC/USD pair, valued at $11 million. On the hourly candlestick chart, bitcoin shows a steep selloff from a local high of $105,706 to an intraday low of $100,764 before modestly recovering. The chart reflects intensifying sell pressure, with red volume bars dominating recent sessions. This correction arrives after a relatively stable period and suggests that resistance near the $105,000 level is proving difficult to breach.

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