Bitcoin Stumbles Below $100K, Facing Crucial Test as Bearish Pressure Intensifies

Bitcoin’s price is currently hovering around $108,300. A significant bearish trend has dominated the market with a drop of over 4.56% in the last 24 hours and a staggering $487.78 million in Bitcoin liquidations recorded as per Coinglass data. The broader cryptocurrency market capitalization has also fallen by over 4.09%, reaching $3.65 trillion, with all major assets trading in red. The fear surrounding the asset’s volatility is increasing, reflected by a stable Fear and Greed Index value of 34.