Bitcoin (BTC) Price Rebound in Motion, Can it Reach $50k after $100M Liquidations? Insights: – Bitcoin (BTC) price tumbled 5% toward $41,600 on Monday, December 11 resulting in a flash liquidation of $100 million worth of derivatives contracts.- BTC made a quick rebound above $42,400 by 12:00 GMT.- Technical indicators offer key insights on the major support levels to watch in the day ahead.Bitcoin ( [BTC](https://www.fxempire.com/crypto/bitcoin)) price tumbled 5% toward $41,600 on Monday, December 11 as bullish traders suffered over $100 million worth of liquidations within hours.With BTC making an instant rebound above $42,000, a vital technical indicator highlights the next significant resistance ahead.Bitcoin’s Price Correction Triggered $104 Million LONG Liquidations Bitcoin experienced a flash crash on Monday, Dec 11, which sent the pioneer cryptocurrency on a 5% tailspin toward $41,600.BTC made a quick rebound above, but not before the derivatives traders had taken a $100 million hit.
According to crypto derivatives data tracker, Coinglass, about $400 million worth of crypto futures contracts were wiped out during the eventful flash crash on Monday morning.
Notably, the chart below illustrates that Bitcon LONG position holders (bullish traders) took a hit of $103.46 million over the last 24 hours.[Coinglass](https://www.coinglass.com/LiquidationData) The Crypto Liquidations Heatmap is a visual representation that displays the liquidation events of cryptocurrency positions across various assets and trading pairs during a given trading period.It provides a graphical overview of the areas where a significant number of [liquidations that occurred in the market on Dec 11](https://www.fxempire.com/forecasts/article/crypto-news-today-liquidations-spike-as-btc-tumbles-to-a-monday-low-of-40642-1394936).The chart above clearly illustrates that traders who held LONG positions on Bitcoin and Ethereum ( [ETH](https://www.fxempire.com/crypto/ethereum)) suffered majority of the losses that arose for the $389 million liquidations in the global crypto derivatives markets on Monday.
BTC and ETH LONG traders took a loss of $103.56 and $77.92 million, which accounts for 26% and 20% of the total liquidations respectively.Interestingly, BTC price made a quick rebound above $42,000 by noon (GMT) as the bulls swooped to defend their positions.Can Bitcoin Price Reach $50,000 ? Bitcoin price remains on track to reach $50,000 based on key on-chain indicators like network usage, and whale accumulation.Furthermore, from a technical perspective, the Bollinger Bands indicator suggests that breaking the initial resistance around $45,700 will likely trigger a decisive breakout above $52,000.
As depicted in the chart below, Bitcoin price is well below upper Bollinger Band at $45,655, suggesting that the market is far from overheated.Given that the recent correction on Monday has also cooled funding rates and aggressive trading in the derivatives market, prospective investors could consider this alignment a decent entry point.If current holders keep defending their positions as observed in the last 24 hours, those anticipated fresh capital inflows could power BTC price above the $45,700 resistance and trigger a $52,000 retest in the long term.[TradingView](https://www.tradingview.com/x/SVmgtjj6/) But on downside, the bears could seize control of the market if Bitcoin price dips below the $40,000 psychological support level.
However, the lower Bollinger Band at $40,171, could form a major accumulation zone, and prevent a major downswing.Sponsored Financial Content Latest Articles [See All](/forecasts).
