Bitcoin Price Drops Below $98,000 as Crypto Market Loses $838 Million
Bitcoin's price has dropped below $98,000, marking a nearly 7% decline in the last 24 hours. The cryptocurrency market is experiencing significant selling pressure, with liquidations totaling $838 million, primarily affecting long positions.
Market Overview
- Bitcoin liquidation over the past 24 hours reached $253.92 million, with $247.39 million attributed to long-side losses.
- The largest single liquidation occurred on HDX exchange, valued at $98.46 million.
- Open interest has decreased to $65.34 billion, and the long-to-short ratio is now under 0.90.
Active Bitcoin addresses have declined from 1.28 million to 1.22 million since January 1, 2025, indicating reduced user engagement.
Institutional Support Changes
- Spot Bitcoin ETFs in the US reported an inflow of $1.76 billion over the past week.
- Despite this, there are concerns about potential pullbacks in institutional support due to bearish market conditions.
BTC price analysis indicates a bearish trend with targets set for a breakdown below $95,000. Current trading is around $98,173, with technical indicators suggesting continued selling pressure if the price falls below key support levels.