Bitcoin witnessed a significant drop this week, falling below the crucial $101,000 mark. This decline is attributed to multiple factors, including a notable sell-off by large investors known as whales and recent company withdrawals from Bitcoin holdings. Despite these challenges, Bitcoin’s market cap remains above $2 trillion. 24-hour trading volume surged to $80.49 billion, reflecting heightened volatility. 50% of Sequans Communications’ BTC reserves were sold off, reducing its debt by roughly $94.5 million. This move adds further pressure on Bitcoin, as more entities are opting to liquidate their holdings. The combined effect of whale selling and declining investor confidence has intensified the market downturn. Bitcoin’s price decline coincides with a slowdown in capital inflows into the cryptocurrency network, indicated by data from CryptoQuant showing a lack of positive momentum in metrics like Strength_RC_60d and ZTrend_RC_180d. This suggests a potential further dip in Bitcoin’s value if current trends continue. Despite this market downturn, Bitcoin’s market cap remains above $2 trillion, highlighting the asset’s resilience. However, analysts are expressing concerns about the long-term trajectory of Bitcoin given the lack of fresh capital entering the market and growing bearish sentiment. 78.5% increase in trading volume over the past 24 hours indicates significant price volatility. The post ‘Bitcoin Drops Below $101,000 as Whale Sell-Off Adds Pressure’ first appeared on Coin Crypto Newz.