Bitcoin Slumps: Bears Smell Victory as Price Breaks $108K
The bears are back in town because Bitcoin just fell below $108,000
Quick overview
- Bitcoin has fallen below $108,000, prompting a bearish sentiment in the market.
- After testing support at $107,500, Bitcoin is showing signs of recovery, trading near $109,000.
- Historically, Bitcoin rallies have followed peaks in gold's momentum, suggesting potential for future growth.
- Liquidations are on the rise, with nearly 200,000 traders affected daily and total liquidated positions nearing $600 million.
Live BTC/USD Chart
The bears are back in town because Bitcoin just fell below $108,000. This correction is intriguing because of its timing, which may also be related to US President Donald Trump.
Bitcoin is showing early signs of recovery, trading near $109,000 after testing support at $107,500. Interestingly, the ongoing gold rally might boost Bitcoin’s growth
Bitcoin has historically experienced strong rallies following peaks in gold’s momentum. If this pattern continues, a rotation after gold’s peak could push Bitcoin to all-time highs. To keep the bullish momentum, Bitcoin needs to stay above $110,000 for now.
Bitcoin recovered to $112,000 after initially holding that support but then fell to $108,500 after losing over $3K in less than an hour.
CoinGlass data reports that the total value of liquidated positions is rising again, approaching $600 million. Nearly 200,000 traders are wiped out each day, and the largest liquidation involved $10 million on Hyperliquid.
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