Bitcoin rallied to an intraday high of $114,836 on Monday, changing course after weaker price action over the weekend.

Other major crypto assets followed bitcoin’s trend reversal, leading to $176 million worth of short positions liquidated over 24 hours, as per data from CoinGlass.

“After a tiny Bitcoin bump over the last few days, retail traders have opened massive leveraged longs expecting a breakout, despite prices trending downward for the past couple of months,” noted SwanDesk CEO Jacob King.

“$800 million worth of longs will be liquidated if BTC falls to $110k. That grows quickly as prices drop: around $2 billion at $105k, $4 billion at $100k, and $7–8 billion if we hit $95k.”

This story is an excerpt from the Unchained Daily newsletter.

Meanwhile, onchain analytics firm Glassnode noted heightened spot activity, but said derivatives positioning and weaker on-chain fundamentals pointed to a consolidating market structure. 

“Unless new demand materializes, external catalysts may be required to shift the balance and drive the next decisive move,” said Glassnode.