Bitcoin continues to face serious pressure after dropping below the $109,000 mark. This article discusses the main factors behind the decline, its consequences for the market, and potential future scenarios.
Causes of Bitcoin's Decline
The recent drop in Bitcoin was triggered by a whale selling 24,000 BTC worth over $2.7 billion. This dump led to a price decline and triggered a cascading liquidation across the market.
Market in Panic
Total liquidation losses exceeded $700 million within just 24 hours. Analysts warn that Bitcoin needs to hold the $106K–$108K range to avoid a deeper correction toward $100K.
Market Prospects and Trader Behavior
Despite the current correction, some analysts point to a positive indicator on Coinbase, suggesting a recovery in US demand. Traders are eyeing the $100K level as crucial, while $114K could become a key area for a potential bounce.
Bitcoin is in a state of uncertainty, balancing between fears of further liquidations and hopes for recovery. The future of the price depends on the actions of whales and the behavior of traders.
