Bitcoin Drops Below $100K as Market Weakness Grows

Bitcoin has dropped below the $100,000 mark after maintaining its position above the milestone for a while.

The leading cryptocurrency is now trading at $99,640, reflecting a 2.4% decline over the past 24 hours and a 5.1% drop over the week. Trading volume has also declined, standing at $36 billion, which is 16% lower than the previous day’s activity. Bitcoin’s market capitalization has now fallen to $1.975 trillion. Only on Binance, the flagship cryptocurrency still trades above $100,000.

The broader crypto market is also facing losses, with the total market capitalization down 3.94% in the past 24 hours to $3.37 trillion. Ethereum has dropped to $3,100, marking a 5% decline for the day and nearly 7% over the past week. Trading volume for Ethereum is currently at $24 billion, while its market cap stands at $373 billion.

Among individual tokens, Virtuals Protocol (VIRTUAL) has been the worst performer in the past 24 hours, plummeting 17.6% to $1.62, with a staggering 35% loss over the past seven days. The market downturn has also triggered $528.62 million in liquidations in the last 24 hours, with long positions accounting for $469.87 million and short positions for $58.75 million.

READ MORE:

Binance Founder Claims Europe Needs Bitcoin in Its Reserves

Technical indicators suggest further downside, as TradingView’s one-day analysis presents a strongly bearish outlook. The summary, moving averages, and oscillators all indicate a “sell” at 10, 8, and 2, respectively. With declining trading activity and increasing liquidations, the market remains under pressure, raising concerns about further volatility ahead.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.