- Bitcoin price jumped to near $114,000 before falling sharply to under $108,000.
- The dip saw nearly $300 million in BTC positions wiped out.
- BTC price hovered above $108,200 as bulls looked to bounce higher.
Bitcoin’s latest rally faltered early Wednesday, with top altcoins also dumping.
The dip to lows of $107,534 erases gains accumulated as prices jumped to near $114,000.
Notably, the dip triggered a cascade of leveraged-position liquidations across Bitcoin and the broader cryptocurrency market.
Bitcoin pullback to under $108k sees nearly $300m liquidated
After touching an intraday high near $114,000 on October 21, Bitcoin reversed sharply as selling pressure overwhelmed bullish momentum.
The flagship cryptocurrency fell to below $108,000, touching lows of $107,534 across leading crypto exchanges.
The dip saw 24-hour BTC liquidations hit nearly $300 million, while the broader crypto market had over $650 million in leveraged positions liquidated.
Like Bitcoin, the liquidations across the wider market impacted both longs and shorts.
Per data from Coinglass, bets getting rekt in the past 12 hours reached over $280 million, of which $128 million accounted for longs and $152 million for liquidated shorts in this period.
Bulls who anticipated a sustained breakout were caught off-guard. Likewise, bears betting on an immediate collapse also suffered as the price quickly stabilised above $107,500.
The benchmark crypto looks to have hit support and is currently eyeing more room for upside movement above the $108k mark.
Gains are crucial for bulls as data shows new BTC whales are currently underwater.
Crypto market data and analytics platform CryptoQuant says that as Bitcoin trades below its average cost basis of roughly $113k, weakness is notable.
Whales currently face $6.95 billion in unrealised losses, which is the largest mark for the metric since Oct. 2023.
New Whales are underwater.
Bitcoin is trading below its average cost basis of ~$113K, leaving it with $6.95B in unrealized losses, the largest since Oct 2023.
This cohort holds ~45% of the total Whale Realized Cap. pic.twitter.com/EyVqWjhzdm
— CryptoQuant.com (@cryptoquant_com) October 21, 2025
Bitcoin price outlook
As of press time, Bitcoin traded near $108,262, up about 1% over the past 24 hours.
However, BTC is down nearly 5% in the past week, and the paring of gains seen as gold dumped on Tuesday suggests indecisiveness remains.
While traders now await fresh catalysts, including quarterly earnings from technology giants and the Federal Reserve’s next policy meeting, the immediate outlook has Bitcoin price hovering in the $107k-$115k region.
Positive developments on the macro front could influence risk appetite across risk assets and correlated markets.
Analysts see the current BTC price movement as one to watch, particularly as smart money positions.
Captain Faibik shared the comment below on X.
$BTC price action clearly shows signs of market manipulation..🧐
Smart Money is trapping both sides.. liquidating late longs and shorts before the Real move starts.
Remember: Manipulation creates liquidity, and liquidity fuels Smart Money..#Crypto #Bitcoin #BTC pic.twitter.com/muxnstjFAg
— Captain Faibik 🐺 (@CryptoFaibik) October 22, 2025
Despite the path of least resistance appearing to be range-bound, buyers taking out the $115,000 level amid bullish sentiment will be a big plus.
On the downside, the key price levels to defend are in the $105,000&-$108,000 zone.
The post Nearly $300M wiped out as Bitcoin retreats to $108K appeared first on CoinJournal.
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