BTC Drops from $101,000 to $89,000: What Are the Causes Behind This Collapse? ⚡

The rapid decline of Bitcoin from $101,000 to $89,000 appears to be due to several factors:

1. Over-leveraged market: High leverage levels in Bitcoin futures contributed to the sell-off. Many traders used borrowed money to bet on Bitcoin's price increase, leading to liquidations as prices fell.

2. Technical resistance and double top pattern: The double top pattern, a bearish technical indicator, formed around the $95,000 level. When this support level was broken, it triggered additional selling pressure. The RSI also indicated increasing selling momentum.