Bitcoin price fell to $101k, where is the bottom?

The cryptocurrency market continues to bleed, with Bitcoin falling to $101,000 earlier today.

At the time of writing, BTC recovered slightly and traded for $102,000, but analysts are looking for answers and looking for local bottoms.

As can be seen from the 1-hour chart, cryptocurrencies have been in a significant downward trend for the past five days, marking lower highs and lower lows.

Data from Coinglass also reveals the rise in liquidation position levels across the entire leveraged market. Nearly $700 million was eliminated, an increase of 35% from the previous day. Naturally, the vast majority are eager, accounting for about $600 million of the total.

The heat map below also depicts frustrating images. As you can see, every altcoin in the past 24 hours (by market capitalization) (by market capitalization) is plotting huge losses in the past 24 hours.