Crash

bullish

Major

Bitcoin

<p>Bitcoin briefly crossed the $100,000 milestone on Thursday, sparking excitement across the crypto market. However, the rally didn’t last long. By the end of the day, the price dropped nearly 10%, briefly testing the support level at $92,000. As of early Friday, December 6, Bitcoin was trading around $97,680, confirming that yesterday’s move above $100,000 was only a temporary breakout.</p>   
<p>In the past 24 hours, the sudden selloff wiped out over $900 million across the crypto market. Bitcoin trading pairs were the hardest hit, with $498 million in liquidations, including $421 million from long positions.</p>   
<h2 class="wp-block-heading" id="h-what-triggered-bitcoin-s-sudden-drop">What Triggered Bitcoin’s Sudden Drop?</h2>   
<h3 class="wp-block-heading" id="h-high-open-interest-but-weak-volume">High Open Interest but Weak Volume</h3>   
<p>Bitcoin’s Open Interest (OI) soared to $129 billion, with a trading volume of $466 billion in the last 24 hours, reflecting strong investor interest. However, the rally lacked support from sufficient trading activity. Even with $1 billion in fresh Tether (USDT) minted on Ethereum, the low trading volume compared to the market buzz made a pullback inevitable.</p>   
<p>This correction, while sharp, is seen by analysts as a healthy reset to attract more buyers and build momentum for another push beyond $100K.</p>   
<h3 class="wp-block-heading" id="h-whales-take-profits"><strong>Whales Take Profits</strong></h3>   
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   https://twitter.com/jacobkinge/status/1864836820472926604?s=46 
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<p>On-chain data shows that some whale investors took advantage of Thursday’s price pump to lock in profits. Retail traders, meanwhile, continued to buy in anticipation of further gains.</p>   
<p>Notably, Chinese tech firm Meitu disclosed it had sold all 948 of its Bitcoin holdings in the last 24 hours. Despite the selloff, some whale investors re-entered the market after the price drop, signaling confidence in a fresh rally soon.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/lookonchain/status/1864849051755385198?s=46 
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</figure>   
<h2 class="wp-block-heading" id="h-altcoins-gain-momentum-as-bitcoin-cools-off">Altcoins Gain Momentum as Bitcoin Cools Off</h2>   
<p>While Bitcoin struggled to hold $100,000, the altcoin market saw renewed strength. The TOTAL2 market cap, which excludes Bitcoin, grew by over 3% in the last 24 hours to approximately $1.57 trillion. Ethereum (ETH) was a standout performer, breaking past the critical $3,800 resistance and heading toward its all-time high.</p>   
<p>Bitcoin’s dominance in the crypto market fell by 1% on Friday, landing at 55%. This decline highlights a shift in focus toward altcoins, many of which are gaining traction as traders diversify their investments.</p>   
<p><strong>The crypto market never stops surprising us - stay on your toes at all times! </strong></p>

Crypto Rally Over? Here’s Why Bitcoin Price Dropped Below $100K

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