The recent downturn in the cryptocurrency market momentarily paused as Bitcoin, along with many altcoins, surged by several thousand dollars within minutes.
Nonetheless, this rally proved to be deceptive, as the leading digital currency quickly fell back to its original level.
The chart above clearly illustrates this pattern. On Monday, Bitcoin faced resistance at $90,000 and subsequently dropped below $85,500 in the hours that followed. It remained under $88,000 for nearly two days before making a sudden move earlier today.
Within minutes, Bitcoin climbed over three thousand dollars to surpass $90,000. Yet this gain was short-lived; it swiftly retraced and returned to where it started.
Several altcoins mirrored this behavior with rapid price spikes followed by immediate declines. This volatility led to approximately $300 million in liquidated positions according to CoinGlass data—split almost evenly between long and short positions ($140 million versus $152 million).
More than 100,000 traders were liquidated during these swings. The largest single liquidation occurred on Binance and amounted close to $4 million.
Renowned crypto analyst CryptoJelleNL weighed in on Bitcoin’s significant movement. He suggested that the rejection might indicate further challenges ahead for BTC and highlighted a possible drop below the critical support level of $83,000.
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Another exact tag of the Monthly open – getting rejected harshly.
Lows at $83,000 ain’t looking too safe.
Main idea remains short-term downside for $BTC to lock in the HTF divs, then up for a while. ⌛️ pic.twitter.com/MqFAIZa9dX
— Jelle (@CryptoJelleNL) December 17, 2025
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