Bitcoin's price has fallen to $103,100, a 4% decrease from its weekly high. This event triggered active discussions among traders and analysts.
Price Decline of Bitcoin
Bitcoin has dropped to $103,100 in the past 36 hours, marking a 4% decline from its weekly high. This downturn coincided with a 10-point drop in the Crypto Fear & Greed Index, now at 61, its lowest in the week.
Trader Activity Analysis
According to a poll conducted by Santiment Feed, over 50% of respondents support the idea of "buying the dip." Meanwhile, 28% expect prices to fall further below $100,000 and are prepared to sell their holdings. Following Friday's decline, Bitcoin has modestly recovered to trade near $105,000 ahead of the expiration of approximately 28,000 options contracts worth an estimated $3 billion.
Impact of External Factors on the Market
The price drop was exacerbated by an early morning military strike by Israel on Iran, triggering sell-offs across global risk assets. The crypto markets were hit especially hard as leveraged long positions were unwound en masse. Analysts note that high-risk assets like Bitcoin serve as liquidity sources during times of crisis, which may explain the spike in liquidations.
The analysis of the current market situation displays high volatility in Bitcoin, driven by both internal and external factors. Traders' reactions to current asset sell-offs and shifting sentiment will determine the direction of future price movements.
