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Bitcoin Plunges To $99,000: How Far Can the Downturn Extend?
- Bitcoin has plunged approximately 4% within 24 hours to trade around $99,302, briefly touching $99,100 amid escalating Middle East tensions, massive liquidations totaling nearly $875 million, and a 'risk-off' sentiment.
- The primary catalyst for the downturn is the conflict escalation in the Middle East, including US and Israel confirming strikes on Iranian nuclear facilities and Iran's potential closure of the Strait of Hormuz.
- The geopolitical shockwave has led to a widespread risk-averse behavior across financial markets, affecting Bitcoin's safe-haven status.
- The downturn saw a significant unwinding of leveraged positions in the crypto derivatives market, with total liquidations reaching approximately $875 million.
- Bitcoin's breach below the $100,000 support level is considered bearish, with technical indicators showing strong bearish momentum.
- The broader cryptocurrency market is also experiencing weakness, with Ethereum, Solana, and XRP notably falling in the last 24 hours.
- The immediate outlook for Bitcoin remains uncertain due to geopolitical tensions, liquidations, and breached support levels, with further downside potential.
- Investors are monitoring for signs of stabilization or geopolitical developments that could impact Bitcoin's trajectory.
- Bitcoin saw a rally from $64,000 to over $110,000 since July 2024, with the recent drop erasing a significant portion of these gains.
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