Bitcoin (BTC) Has Started a Downward Trajectory, Briefly Falling Below $100,000 Before Recovering to $101,600

Bitcoin experienced a sharp downturn, touching $98,760 and erasing nearly $10,000 from its recent all-time high (ATH) of $108,000.

Bitcoin (BTC) price experienced a downturn on Wednesday, briefly falling below $100,000 before recovering to $101,600 amid concerns over further losses.

The world’s largest cryptocurrency had earlier touched $98,760, erasing nearly $10,000 from its recent all-time high (ATH) of $108,000.

Bitcoin’s downturn came as the Federal Reserve raised concerns about future rate cuts, impacting the broader market.

The FED’s 0.25% rate cut to a range of 4.25%-4.5% led to a 5.6% drop in Bitcoin on Wednesday, briefly falling below $100,000. This was the largest single-day drop since August 5, when it fell 7%.

Bitcoin price briefly fell below $100,000 on Wednesday.

However, Bitcoin price recovered to $101,600 on Thursday morning, despite testing $100,000 again.

Political developments, including a pro-crypto president-elect and plans for a national Bitcoin reserve, have boosted market sentiment. However, regulatory uncertainties continue to impact the market.

The price dip triggered liquidations of over $104 billion in leveraged positions across the cryptocurrency market in the last 24 hours, with more longs getting rekt than shorts.

At the time of writing, the price of Bitcoin is $98,317, which is 5.5% down. In the last 24 hours, Bitcoin traded between a low of $97,032.30 and a high of $104,759, reflecting heightened volatility.

Also Read: Bitcoin Drops Below $100k as Powell Rejects BTC Reserve Plan