Bitcoin Dips Below $100K Again Amid Market Concerns

NEW YORK, NY — Bitcoin dipped below the $100,000 mark for the third time this month, experiencing a more than 2% fall in value over the last 24 hours. The price of the largest cryptocurrency was recorded at $99,611, according to data from CoinGecko. This significant drop comes as investors sell off risk assets amid rising concerns about the overall economy.

Bitcoin’s recent plunge marks the first time it has fallen below the $100,000 threshold since May. Just last month, the digital coin reached a new high of $126,080, but ongoing worries about jobs data and potential economic slowdowns have driven the price down.

Dilin Wu, a research strategist at Pepperstone, stated that while long-term forecasts remain optimistic, volatility should be expected in the short term. “Notably, institutional participation and whale activity have diminished, and ETF outflows continue,” she noted, emphasizing that these factors hinder the potential for a sustained price rally.

Over the past two weeks, investors have largely withdrawn funds from Bitcoin-focused U.S. ETFs, contributing to the recent price drops. The market prediction platform Myriad Markets gives Bitcoin a 59% chance of reaching $115,000 before it falls to $85,000.

In addition, other notable cryptocurrencies also experienced downturns. The second-largest digital coin was trading close to $3,265, down by 5%, while another major asset slipped about 3.5% to roughly $148.

Amid this turbulence, daily liquidations in cryptocurrency positions have reached $501 million according to blockchain data, with Bitcoin contributing about $165 million to this total. Approximately $380 million of the liquidations came from long positions.

Despite the current volatility, some analysts remain positive. Joe DiPasquale, CEO of BitBull, stated, “Bitcoin is still in an uptrend because every pullback has produced a higher low, and buyers keep defending support quickly.”

Bitcoin’s decline coincides with broader economic challenges in the U.S., including significant job losses as reported by ADP, indicating employers shed more than 11,000 jobs per week through late October. Meanwhile, Goldman Sachs showed a decline of 50,000 jobs in non-farm payrolls during October.

While the bearish trends loom, cryptocurrency enthusiasts look to future market signals with cautious optimism.