The price of Bitcoin (BTC) briefly fell below $100,000, causing over $700 million worth of liquidations across various cryptocurrencies such as Bitcoin, XRP, and Dogecoin. The sudden drop was attributed to various factors, including hawkish remarks by Federal Reserve Chairman Jerome Powell regarding the central bank’s stance on holding Bitcoin in its reserves.
Additionally, the formation of a potential bearish pattern on Bitcoin’s weekly chart suggested increased volatility ahead. While some analysts remained optimistic about a possible recovery, the event highlighted the high volatility and risks associated with cryptocurrency trading, particularly when using leverage.
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