Bitcoin Drops Below $105,000 as Altcoins Face Heavy Liquidations

Bitcoin’s price has dipped below the $105,000 mark after a 1.68% daily decline, indicating increased selling pressure in the market. Despite this dip, Bitcoin liquidations favored short positions, reinforcing bullish sentiment and potentially leading to further price increases. This trend contrasts with the significant losses suffered by altcoin traders, who saw over $1 billion in liquidation losses, highlighting weak recovery signals. Analysts suggest that these losses are largely attributed to excessive leverage in the volatile altcoin market.