What's Next as Bitcoin, ETH, SOL, XRP Drop 6-10%, Bulls See Massive $1.6B Liquidations

Bitcoin's price fell to just above $100,000 due to forced liquidations and macroeconomic fears, with over $2 billion in futures contracts liquidated in just 24 hours. Long traders suffered the majority of losses, amounting to $1.6 billion. Other major cryptocurrencies, including Ethereum and Solana, dropped between 6% and 10%. Market analysts, however, maintain a positive long-term outlook for Bitcoin despite these fluctuations. The total cryptocurrency market capitalization has decreased to around $3.5 trillion, its lowest point in over a month. Factors contributing to this downturn include concerns over potential interest rate hikes by the Federal Reserve and broader market fears. As traders monitor liquidation levels, this situation could act as a near-term support or resistance zone. The next few trading sessions are critical to assess whether the recent bounce in Bitcoin's price can lead to a sustained recovery or if further selling pressure will emerge.

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