Despite some positive developments on the macro front—such as the US government reopening—Bitcoin’s (BTC) price action remained quite unfavorable over the past 12 hours, as the asset plunged to a new multi-month low.
Just three days ago, Bitcoin stood above $107,000 after former President Trump promised to send tariff checks of at least $2,000 to some Americans and hinted that the government shutdown might soon end. However, Bitcoin failed to capitalize on this momentum and quickly dipped back to $103,000. It then rebounded to $105,000 on Wednesday, before bears took complete control of the market, especially on Thursday.
The President of the United States signed legislation to reopen the government, which initially caused an immediate bounce in Bitcoin’s price. Unfortunately, the market sentiment deteriorated shortly after. In less than a day, Bitcoin dumped by more than $8,000 and currently struggles below $97,000, marking its lowest point since early May.
Crypto analyst Doctor Profit, who has been bearish on Bitcoin for weeks, believes the worst is yet to come. He predicts another nosedive to somewhere between $90,000 and $94,000.
Altcoins have followed a similar downward trajectory, with multiple double-digit price declines. Notable coins such as AAVE, ENA, RENDER, SUI, PEPE, and LINK are all down by more than 12%. Even the largest altcoin in this group has plunged over 11% and now struggles well below $3,200.
The total value of liquidated positions has skyrocketed to almost $1.1 billion on a daily basis. According to CoinGlass, the single-largest liquidated position occurred on HTX and was worth a staggering $44.29 million. The number of liquidated traders now exceeds 240,000. Naturally, long positions represent the lion’s share of these liquidations, totaling $966 million, while short liquidations stand at $124 million as of press time.
Stay tuned for further updates as the market continues to evolve.
https://bitcoinethereumnews.com/bitcoin/bitcoin-price-tanks-below-97k-as-analyst-warns-the-worst-is-yet-to-come/