The past few hours took a turn for the worse, as Bitcoin’s price once again dropped below the coveted $100,000 mark.
At the time of this writing, the cryptocurrency is trading below $99,000, charting a loss of around 2.6% for the day and over 12% for the past month.
The derivatives market is also under pressure. Over the past day, more than $650 million worth of long and short positions were liquidated, as Bitcoin continues to chop in the relative short term. Recall that just a few hours ago, the cryptocurrency spiked from below $101K to over $104,000. As CryptoPotato reported, the move came after US President Donald Trump signed a bill to end the local government’s shutdown.
Nonetheless, the overwhelming majority of liquidated positions belong to long traders, who account for about $550 million of the total.
That said, some remain optimistic that the price might still rebound and take off.
Ignacio Aguirre, Chief Marketing Officer at Bitget said:
“We’re optimistic about the growing ‘Moonvember’ buzz. Combined with the seasonality tailwind and growing institutional appetite, this backdrop sets the stage for a meaningful breakout that could fuel broader innovation in blockchain and digital assets. Key catalysts remain clearer regulatory frameworks, substantial institutional inflows via ETFs, and global macro shifts such as sustained lower interest rates, each of which would support long-term ecosystem expansion and mainstream adoption.”
The altcoin market is also feeling the pressure. Ethereum is down over 5% on the day, BNB is losing 2.7%, while SOL dropped by almost 5%. Most of the remaining altcoins are going through similar or worse losses.
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