Bitcoin Plummets Below $101,000 as Liquidations Trigger Market Shakeout

The cryptocurrency market experienced a sudden and significant price drop, sending Bitcoin’s value below the crucial $101,000 mark. This correction came after a brief period of bullish sentiment, fueled by Bitcoin’s return above $100,000 for the first time since February. Within hours, over $700 million in positions were liquidated, primarily long positions according to CoinGlass data, as market participants reacted to a rapid reversal that destabilized investor confidence. This event highlights the inherent volatility of the cryptocurrency market.