Bitcoin continues to lose value and is on the verge of dropping below the psychologically significant level of $100,000. This threshold, once deemed unreachable, is now a topic of discussion among investors.
Current prices and trends
As of the time of writing, Bitcoin was trading at $100,992.72, which represents a decline of more than 4% over the last 24 hours. The market capitalization has dropped to $2 trillion, according to CoinMarketCap.
Overall market sentiment
Despite the current technical trend showing bearish momentum, overall community sentiment remains optimistic, with 82% of positive feedback. Nevertheless, Bitcoin failed to maintain the $104,000-$105,000 consolidation zone.
Reasons for the decline
The current decline is part of a wider crypto market correction that has already led to liquidations worth around $595 million. Trading volume was recorded above $54 billion, indicating potential panic among investors.
The decline in Bitcoin prices and overall negative market dynamics highlight the volatility of the cryptocurrency environment. Further changes that may impact key psychological levels should be anticipated.
