More than 400,000 traders were liquidated over the past 24 hours as Bitcoin plunged back below $100,000.
Bitcoin has fallen 10% so far this month but analysts say it has fallen between 25% and 30% in the month of January in past post-halving markets.
Crypto market analysts remain confident that Bitcoin will hit six figures before the end of the year despite the recent 7% correction.
Record-long positive Bitcoin futures funding rates signal “strong bullish sentiment” which can often precede price corrections, says on-chain analytics firm CryptoQuant.