Bitcoin recently surged to a fresh all-time high above $104,000 but it seems the bulls have exhausted themselves and now the bears are taking control.
After the incredible gains Bitcoin witnessed earlier on Thursday, the number one cryptocurrency by market cap slipped below the $100,000 threshhold.
At the time of wrting, Bitcoin is trading at $98,800 after a 2.35% price drop in the past hour and has a market cap of $1.9 trillion.
According to data from CoinGlass, $112.95 million were liquidated during this period – $108.89 million in longs and $4.02 in short positions.
This brings the total liquidations for the past 24 hours to $649.1 million – $408.29 million in long positions and $240.86 million in shorts.
Despite this recent decline, BTC is still up almost 4% on the weekly chart and has a 24-hour trading volume of around $142.4 billion.
The 1-day technical analysis from TradingView remains bullish, with the summary pointing to “”buy” at 15, the moving averages show “strong buy” at 14, and oscillators remain “neutral” at 9.
The total cryptocurrency market cap dropped 1.25% today and is currently at $3.57 trillion.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.