$100,000 Mission Impossible? Bitcoin (BTC) price suddenly drops below $95,000

The six-digit milestone has been talked about since 2021, and bitcoin came within inches of it on Friday, but just as it did three years ago, it failed and was pushed south on some occasions

The last such rejection came earlier, when bears took control of the market and prompted a downward leg that took bitcoin below $95,000.

Bitcoin/Price/Chart 25.11.2024. Source: TradingView

The mainstream cryptocurrency has had an impressive ride since Trump won the election nearly three weeks ago, gaining more than $30,000 since then and peaking last Friday. At the time, the asset hit its latest all-time high of just over $99,800 on most exchanges.

However, it was stopped before it had a chance to poke its nose into six-figure territory and was rolled over the weekend. Monday started again on a high note as BTC rose to $99,000, but got pushed south once again.

The rejection this time was even more violent, sending the cryptocurrency south by more than four thousand. A few minutes ago, the asset hit an intraday low of $94,550 (on Bitstamp) before the manager to recover some ground and now stands near $96,000.

This price drop comes at a somewhat unexpected time, as MicroStrategy, the world’s largest corporate BTC holder, today announced another massive purchase of over $5 billion worth of bitcoins.

Many altcoins have also headed south in the last hour or so, with ETH, SOL, BNB, XRP and DOGE down 2-3% hourly.

Data from CoinGlass shows that the total value of positions liquidated during this volatile run has soared to more than $430 million on a daily basis and more than $120 million in the last hour alone. BTC is responsible for most of it, with $106 million (24 hours) in long positions.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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