Bitcoin Price Drops Below $100K After Historic Surge, Liquidations Hit $199 Million

Bitcoin briefly crossed $100,000 for the first time, reaching a high of $103,679, but has since fallen to $98,969. The drop resulted in $199 million worth of liquidated futures positions in 24 hours.

Bitcoin Falls Below $100K After Brief Surge to $103K

Bitcoin’s price crossed the $100,000 milestone for the first time on Wednesday, surging to a new all-time high of $103,679. However, the cryptocurrency couldn’t sustain its momentum, dipping back below the six-figure mark to trade at $98,969 as of Thursday.

This historic surge and subsequent dip led to significant market activity, with $199 million worth of Bitcoin futures liquidated over the past 24 hours, according to data from CoinGlass.

Futures Market Turmoil

The liquidation data reveals $127 million in shorts (bets on a price decrease) and $72 million in longs (bets on further price increases) were wiped out during the market’s volatile movement.

In the last hour alone, $23 million worth of long positions were liquidated, underscoring the turbulence Bitcoin traders faced. Across the broader crypto market, $611 million worth of futures positions have been liquidated in the last 24 hours, highlighting the scale of market-wide volatility.

Bitcoin’s Recent Performance

Despite this dip, Bitcoin remains up nearly 4% in the past week and an impressive 41% over the last 30 days. The cryptocurrency has experienced a sustained upward trajectory since breaking its previous all-time high of $73,737 on Election Day last month.

Bitcoin’s move past $100,000 was celebrated as a key psychological milestone, sparking optimism about further price increases. However, the quick reversal has left investors reassessing market conditions as Bitcoin stabilizes near the $99,000 mark.

Market Sentiment Remains Optimistic

Even with the recent pullback, analysts remain optimistic about Bitcoin’s long-term potential. Many believe the milestone crossing and subsequent volatility are part of the natural ebb and flow of the market, signaling robust investor interest.

The broader cryptocurrency market continues to show strength, with several altcoins maintaining gains despite Bitcoin’s retreat.

What’s Next for Bitcoin?

As Bitcoin consolidates near $99,000, traders are closely monitoring key support and resistance levels. Analysts suggest that a sustained push above $100,000 could open the door to further gains, while a dip below $95,000 might lead to additional corrections.

With increasing institutional interest and favorable macroeconomic trends, Bitcoin’s trajectory remains bullish, but investors should brace for continued volatility in the short term.

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