Bitcoin Approaches $100,000 but Experiences a Pullback: New Trends in the Market
Last week, Bitcoin continuously set new highs, once reaching $99,800, but just when it was only $200 away from the $100,000 mark, an unexpected pullback occurred! This morning, the price of Bitcoin dropped again to below $96,000, and the market value has shrunk by over $60 billion since Friday, shocking many traders. In the past 24 hours, about 200,000 traders faced liquidation, with a total liquidation amount reaching $512 million, of which long positions accounted for the largest losses, reaching $380 million, and Binance's single largest liquidation amount even exceeded $13 million.
In addition to Bitcoin, other competitive coins such as XRP, DOGE, and ADA also experienced significant declines. XRP plummeted 11% from a high of $1.60 to $1.34, while the previously strong ADA also fell below $1, dropping 9%. Meme coins BONK and DOGE were not spared either, with a pullback of nearly 10%.
This downturn seems to be merely a reaction of bullish investors taking profits, and market sentiment is still not overly pessimistic, as Bitcoin has rebounded to $98,000. The future trend of cryptocurrencies will depend on the growth rate of the U.S. economy, and the market is hopeful that Bitcoin can successfully break through the $100,000 barrier, creating new history.
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