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.

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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