The past few hours took a turn for the worse, as Bitcoin’s price once again dropped below the coveted $100,000 mark.
At the time of this writing, the cryptocurrency is trading below $99,000, charting a loss of around 2.6% for the day and over 12% for the past month.
Source: TradingView
The derivatives market is also under pressure. Over the past day, more than $650 million worth of long and short positions were liquidated, as Bitcoin continues to chop in the relative short term. Recall that just a few hours ago, the cryptocurrency spiked from below $101K to over $104,000. As CryptoPotato reported, the move came after US President Donald Trump signed a bill to end the local government’s shutdown.
Nonetheless, the overwhelming majority of liquidated positions belong to long traders, who account for about $550 million of the total.
That said, some remain optimistic that the price might still rebound and take off.
Ignacio Aguirre, Chief Marketing Officer at Bitget said:
“We’re
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