Bitcoin is the world’s most famous cryptocurrency.

Bitcoin is the world’s most famous cryptocurrency. People buy it, sell it, or hold it hoping its price goes up over time. When big things happen with Bitcoin’s price, it can shake markets and make traders nervous.

Recently, Bitcoin’s price got close to $95,000 — a big number many traders watch closely. At the same time, a lot of traders who were “bulls” — people who bet that the price would go up — got forced out of their positions. That situation happened because Bitcoin’s price moved in a way that triggered big losses. This article explains what that means, why it matters, and what could happen next — in plain, easy words.

What Happened to Bitcoin’s Price?

Bitcoin’s price started dropping from above $100,000. At first, this drop was slow. But then it accelerated, and Bitcoin fell below $98,000 and eventually got close to $95,000. That price movement was fast and strong enough to push many traders out of their bets.

Here’s why that matters:

Many traders use leverage — meaning they borrow money to make bigger bets.
When Bitcoin fell quickly, those leveraged bets couldn’t handle the drop.
As a result, a lot of those bets were liquidated — that means traders lost money and their positions were closed automatically by the exchanges.

In total, about $655 million worth of long positions (bets that the price would rise) were wiped out in a short period of time. That kind of forced selling can make prices fall even faster because when positions get liquidated, it adds more selling pressure into the market.

What Does “HODL Wall” Mean?

In crypto talk, “HODL” means hold on for dear life — it started as a typo on the internet but became a joke and now a common term. It refers to people who hold Bitcoin long‑term, even if prices drop.

A “HODL wall” is a price level where a lot of Bitcoin holders aren’t selling. It creates a kind of support level — meaning many investors are willing to keep holding rather than sell their coins. This can stop prices from falling further, at least temporarily.

In this case, many investors bought Bitcoin in the range above $95,000. A big chunk of the total Bitcoin supply has a “cost basis” (price they bought it at) around that level. This makes $95,000 a key area where holders might resist selling, letting the price stay there or bounce back.

So when people say Bitcoin is testing the $95k HODL wall, they mean the price is getting close to that key area where many long‑term holders might try to stop a further drop.

Why Did So Many Bulls Get Knocked Out?

Here’s the step‑by‑step of how big losses got triggered:

Bitcoin was trading above $100k — many traders thought it was going to keep rising.
Price started dropping — first slowly, then faster.
When the price fell below $98k, a lot of leveraged long positions couldn’t handle the move.
Those positions were liquidated automatically — this means exchanges closed them and sold the traders’ Bitcoin to cover their losses.
That selling added more downward pressure, pushing the price down further.
In total, about $655 million of long bets were wiped out over about a day.

This kind of event is sometimes called a “cascade” — where one wave of selling leads to another, and another, in a chain reaction. That’s why they said the cascade knocked out a big chunk of bulls — it forced traders who were betting on higher prices to exit at a loss.

What the Charts and On‑Chain Data Showed

When experts looked at the data, they saw a few key things:

1. Price Action Near the $95K Level

Bitcoin didn’t just slowly drift down. It slid quickly once it got into the $98,000 area, testing support near $95,000. That’s because a lot of orders and holders are clustered around those levels.

Charts showed that:

Bitcoin dropped from near six figures.
It briefly hit around $95,900 (close to $96k).
That $95k support zone is now being tested as buyers and holders try to hold prices up.

This area matters because a big group of holders bought there, and they might refuse to sell even during dips. That creates a “wall” of support under the price.

2. Holder Cost Basis and Market Structure

Cost basis means the price individual holders paid for their Bitcoin. On‑chain data showed that:

A huge part of the invested money sits above the $95k level.
Recent buyers (short‑term holders) are underwater — meaning they bought above current prices and are now at a loss.
Long‑term holders still have positions around that range too, but they’re more likely to hold through losses.

This mix makes the situation interesting because it shows that many holders might not sell quickly, while traders who bought high are already losing money.

How This Compares to Past Price Moves

Bitcoin has had big drops before. But this one looks different compared to past cycles:

In 2021 and 2022, when big drops happened, short‑term sellers often triggered fast moves and older holders exited too.
Back then, once support levels broke, prices plunged lower for months.
This time, the drop from the HODL wall down to deeper levels would be shorter and less severe than past crashes.

So even if Bitcoin loses the $95k support, the next likely target might be around $85k to $82k before you see much deeper downside. Some analysts see those areas as the next key floors if sellers take control.

What Else Was Happening in the Market at That Time

A few other things were going on around the same time:

ETF Outflows

Bitcoin ETFs — big investment funds that let people buy Bitcoin through regulated markets — were seeing more money leaving than coming in. That can reduce demand and make prices more fragile.

Futures and Aggregate Funding

Futures markets saw fewer open positions and lower leverage after the cascade.
Funding rates (payments between buyers and sellers in futures) shifted in a way that suggested traders were more cautious.

All of this added pressure on prices. When markets are weak like this, a big sell‑off can push prices down fast if there’s not enough new buying support.

Why Holding Around $95K Matters

If holders around $95k don’t sell, that price can act like a floor. That means:

Downward moves might slow or stop there.
Buyers might feel encouraged to step in.
The market has time to calm down and rebuild strength above that level.

On the other hand, if the price breaks below $95,000 cleanly, there would be less support left. Then:

Bitcoin could slide toward $85,000.
If that breaks, the market might test $82,000 or lower.
Only below those levels would older demand bands come into play.

So $95k isn’t just a random number. It’s where many holders have their positions, and where market psychology can shift from weak to strong or vice versa.

What Traders and Investors Are Watching Next

People in the market are focused on a few key things:

1. Will $95,000 Hold?

If Bitcoin can stay above that level and bounce back, some traders think it could help restore confidence.

2. What Happens With ETF Flows?

If ETFs start gaining money again (inflows), that could help Bitcoin’s price climb. If outflows continue, prices might stay under pressure.

3. Are Traders Covered or Still Leveraged?

Markets are calmer when fewer traders are forced out due to liquidations. Lower leverage means fewer sudden moves both up and down.

4. Macro Conditions

Things like interest rates, global markets, and liquidity flows in traditional markets can influence Bitcoin too. Shifts in money from traditional markets can help or hurt crypto markets.

Why This Story Is Important

This moment is important for a few reasons:

Bitcoin fell below big psychological price levels like $100,000 and tested $95,000, which matters to many traders.
A lot of leveraged bets got wiped out — forcing sellers and shaking confidence.
The price action shows that support and resistance levels are still shaping how Bitcoin moves.
How holders behave at key levels like $95k can influence price action for weeks or months.

For regular investors (not short‑term traders), these kinds of moves can be stressful but are part of how markets find balance over time.

Quick Summary (Short Version)

Bitcoin slipped from above $100k down toward $95k.
That drop forced many traders who bet on rising prices to close their positions, wiping out about $655 million in bets.
The price tested the $95k “HODL wall” — where many long‑term holders try to keep prices supported.
If that support holds, price might stabilize or bounce up again.
If it breaks, Bitcoin could move down to around $85k or $82k as the next floors.