Why Did the Price of Bitcoin Drop Below $100,000?

After crossing the $100,000 mark for the first time within the period between Thursday, the price of Bitcoin has dropped by about 10 percent to almost test the support level at $92,000. This leading cryptocurrency traded around $97,680 on Friday, December 6, in the first Asian trading session, signaling yesterday's breakthrough above $100,000 was a fake. After the sudden Bitcoin sell-off in the past 24 hours, over 900 million dollars have been withdrawn from the entire cryptocurrency market, mostly related to buying traders. The Bitcoin pairs are the most affected, with around 498 million dollars, of which 421 million dollars are buying traders. The main factors behind today's sudden collapse of Bitcoin Leverage trading cools down Bitcoin's open interest (OI) has surged to over $129 billion and a volume of over $466 billion in the past 24 hours, signaling high demand from investors. Over the past 24 hours, Tether has minted $1 billion on Ethereum, but the collapse of Bitcoin is inevitable as trading volume remains low compared to the strong sentiment on social media. Therefore, the price increase of Bitcoin needs time to cool down to attract more buyers and provide more momentum for the price increase to $100,000. Opposing reactions between whale investors and retail traders

After yesterday's Bitcoin price surge, on-chain data shows that some whale investors have taken advantage to profit. However, retail traders continue to buy more in anticipation of the next bullish trend. For example, Meitu, a large Chinese company that supports Bitcoin, revealed that they have sold all 948 BTC held in the past 24 hours. After the Bitcoin price dropped, some whale investors quickly bought more BTC to predict a new price increase in the near future. Altcoin takeover When the price of Bitcoin drops below $100,000 after yesterday's fakeout, the altcoin industry has gained momentum in price. The TOTAL2 market capitalization, excluding Bitcoin, has increased by over 3 percent in the past 24 hours and is hovering around $1.57 trillion at the time of writing. Meanwhile, Bitcoin's dominance has decreased by 1 percent to around 55 percent on Friday, signaling a notable shift in the altcoin industry. Furthermore, the price of Ethereum (ETH) has surpassed a major resistance level of about $3,800 and is on track to reach an all-time high. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)