BTC Price Plummets Nearly $10,000, Causing $1.7B in Liquidations in the Crypto Market

Market Decline: The cryptocurrency market experienced a significant downturn, with Bitcoin dropping nearly $10,000, leading to approximately $1.7 billion in liquidations across the market. Major tokens like Solana, Ethereum, and Cardano also saw declines of around 7.5% to 7.7%.

Market Sentiment: Retail sentiment around Bitcoin remains extremely bearish, with analysts suggesting that the price may continue to fall until it reaches at least $30,000. Bitcoin's price has been fluctuating between $80,000 and $100,000 for over two months.

Key Drivers: Heavy selling on Binance has been identified as a key driver of the recent price drops, with analysts indicating that Bitcoin's recovery is contingent on easing selling pressure from this exchange.

Future Predictions: Analysts are closely monitoring Bitcoin's price movements, suggesting that it needs to break below $80,000 or above $100,000 to confirm a new trend, while also noting that the overall cryptocurrency market has fallen below $3 trillion in total market capitalization.