Bitcoin's price has dropped below a key level, leading to the liquidation of long positions in the cryptocurrency market.
Bitcoin Price Plummet
The price of Bitcoin fell to $111,000 on Monday, causing a significant liquidation of long positions in the market. This followed an upward trend triggered by Fed Chair Jerome Powell's speech on Friday.
Liquidations in the Crypto Market
Over $642.4 million was liquidated in long positions across the crypto market, with Bitcoin accounting for $235.5 million. Overall, a total of about $806.95 million was wiped from both short and long positions.
Bitcoin Price Outlook
Some analysts are predicting a further drop in Bitcoin's price to $95,000 if the $111,900 level is not held. The market remains uncertain, and participants are trading in a volatile environment.
The decline in Bitcoin's price raises concerns among traders and analysts, who warn of possible further drops. Investors are advised to exercise caution.
