Bitcoin Dives Below $100K for Third Time This Month as Crypto Liquidations Top $500 Million

Bitcoin has fallen below $100,000 for the third time in November, reflecting broader market concerns about the economy. This price drop follows a previous high of $126,080 in October and comes as the cryptocurrency struggles with negative market sentiment. As of now, Bitcoin is priced at $99,611, a decline of over 2% in the last 24 hours. Despite this downturn, some analysts remain bullish on Bitcoin's long-term potential, suggesting it could reach new highs in the future. Recent data shows that investors have withdrawn $2.6 billion from U.S. Bitcoin and Ethereum exchange-traded funds, contributing to the price pressures. Daily cryptocurrency liquidations reached $501 million, with about $165 million tied to Bitcoin. Despite the volatility, there is optimism in the market with suggestions that Bitcoin is still in an upward trend due to defensive buying support observed across major coins. Overall, the cryptocurrency market faces uncertainties but retains hope for recovery in the medium term.

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