Bitcoin's quest for the coveted six-digit valuation met another hurdle, echoing its previous attempt three years ago. On Friday, it came tantalizingly close, yet bearish market sentiments swiftly thwarted its advance, pushing the price below $95,000.
In the wake of Donald Trump’s recent electoral victory, Bitcoin has experienced a remarkable surge, adding over $30,000 to its value in less than three weeks and setting a new record high of slightly over $99,800 on most exchanges last Friday. However, just as it seemed poised to surpass the six-digit mark, the price retraced during the weekend. Monday initially rekindled hopes as BTC aimed for $99,000, only to be met with another sharp downturn.
This latest rejection proved more severe, pushing Bitcoin over $4,000 downward. Just a short while ago, it hit an intraday low of $94,550 on Bitstamp but managed a partial recovery, currently hovering near $96,000.
The unexpected downturn coincided with MicroStrategy's announcement of a substantial $5.4 billion Bitcoin purchase, underscoring its role as the largest corporate BTC holder. Alongside Bitcoin, several altcoins, including ETH, SOL, BNB, XRP, and DOGE, experienced decreases of 2-3% in the past hour.
According to CoinGlass, this volatility has led to liquidations exceeding $430 million over the past day, with more than $120 million occurring just in the last hour. Bitcoin itself accounts for a substantial portion, with long position liquidations amounting to $106 million over a 24-hour period.