Bitcoin Retreats Below $93K After Nearing $100K Milestone

The cryptocurrency market sees corrections as profit-taking and leveraged positions drive volatility, with analysts maintaining bullish long-term outlooks.

Bitcoin's price dipped below $93,000 after nearing the $100,000 mark, with some analysts attributing the pullback to profit-taking by short-term and new investors.
Market corrections were influenced by high leverage, with over $400 million in long positions liquidated within 24 hours, and increased protective options activity signaling cautious sentiment.
Ethereum and other major cryptocurrencies also experienced declines, though Ethereum showed relative strength, briefly surpassing $3,500 before retreating.
Institutional interest remains strong, with significant Bitcoin purchases by firms like MicroStrategy and positive projections for long-term growth despite short-term volatility.
Analysts predict Bitcoin could test lower support levels near $88,000 but remain optimistic about a potential rebound to $100,000 or higher in the coming weeks.