Bitcoin Price Falls Under $100,000 as Historic Surge Cools - And Longs Get Rekt

Bitcoin saw an exciting rise above the $100,000 milestone for the first time late Wednesday, even reaching as high as $103,000. However, the enthusiasm was short-lived as the price eventually dipped below the $100,000 mark and is currently trading at $98,969.

After hitting an all-time high of $103,679, Bitcoin's value fluctuated around the $100,000 region before experiencing this recent decline.

Over the past 24 hours, a significant amount of Bitcoin futures positions—valued at approximately $199 million—were liquidated, according to analysis from CoinGlass. This included around $127 million in short positions (those betting on a price drop) and nearly $72 million in long positions (those betting on a price rise).

In just the last hour, about $23 million worth of long positions were forced to liquidate. In total, across the broader cryptocurrency market, about $611 million in positions have been liquidated in the past day.

Despite this downturn, Bitcoin's performance over the past week remains strong, with an increase of approximately 4%, and it has surged by 41% over the last month. This price activity followed Bitcoin breaking its previous record of $73,737, which was set on Election Day last month.

The recent price surge in Bitcoin and other cryptocurrencies has been largely attributed to the political landscape, particularly following Donald Trump's election victory. His favorable stance on cryptocurrency and commitments to the industry are believed to have contributed to this bullish trend. On Thursday, Trump took to social media to congratulate Bitcoin investors for crossing the $100K threshold, stating, "Congratulations Bitcoiners! $100,000!!! You’re welcome!!! Together, we will make America great again!"

Market Overview

As Bitcoin's price adjusts, traders and investors remain watchful. The volatility in the cryptocurrency space is significant, and while some are facing liquidation of their positions, the market overall continues to show resilience and potential for recovery.

Future Outlook

The future of Bitcoin and its price trajectory remains uncertain. Investors are encouraged to stay informed about market trends and political influences that could impact cryptocurrency valuations as the landscape evolves.

Bitcoin, Price, Liquidity