Bitcoin experienced an unprecedented $20,000 daily drop as the cryptocurrency market faced a significant sell-off. The price of Bitcoin fell from $122,600 to $107,000 over the weekend, contributing to a red candle formation. This decline coincided with the crypto market cap decreasing to $3.76 trillion and a record $19.36 billion in liquidations, marking the largest in history. Additionally, Bitcoin futures experienced a substantial $11 billion open interest wipeout, indicating massive deleveraging in the market. The next critical support level for Bitcoin is $100,000, with options data reflecting increased bearish sentiment among traders.