BTC Falls Below $92,000 Amid High Liquidation

Bitcoin (BTC), the largest cryptocurrency, fell 2.67% below $92,000 in 2024 on hyper-liquidation fears. BTC is currently trading at $91,814, according to CoinMarketCap.

Some crypto analysts predicted a decline below $91,000 due to a massive dump tied to its negative association with the USDT Dominance Index.

After BTC's price dropped, MicroStrategy CEO Michael Saylor bought 2,138 BTC for $209 million at $97,837 per Bitcoin, totaling 446,400 Bitcoins. The cryptocurrency's remarkable rise to $108,000 ended abruptly when the price fell below $93,000.

Is Bitcoin Decentralized?
The decline comes amid conjecture regarding Bitcoin's remarkable rise's causes.

Sisyphus, a crypto expert, boldly argued that MicroStrategy CEO Michael Saylor's aggressive Bitcoin acquisition strategy may have fueled BTC's growth.

If I hadn't known we were in a secular bull market, Saylor would seem to be pushing BTC price up since his buy program started 10/30. Now that his buy sizes are lowered, we need someone else to keep the ponzi running.

However, Saylor's lessened buying activity sparked questions about the rally's sustainability.

Some academics are questioning whether BTC's dramatic surge represents a “secular bull market” or over-reliance on institutional actors to fuel demand.

After Donald Trump's 2024 presidential victory, major institutions have increased their BTC holdings. However, institutional actors' dominance raised questions about cryptocurrency's decentralization.

Another crypto specialist said: “Cryptocurrencies like Bitcoin aren’t truly decentralized—they’re just centralized by different entities.”

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