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The Lack of Panic Selling in Bitcoin Suggests the Drop Below $100K Is a Short-Term Correction. What’s Next for the Cryptocurrency?

The price of Bitcoin saw a sharp decline of 7.13% from late January 26 to the early hours of January 27, dropping below $100,000 for the first time since Donald Trump became the 47th President of the United States. Since then, the crypto asset has briefly held its position above $100,000, as the market considers its next direction. The losses for short-term Bitcoin holders remain low.

In the past few weeks, there has been a noticeable conflict in market sentiment, with some analysts labeling it as the market peak, while others remain optimistic for another upward movement. Throughout most of last week, President Donald Trump’s restrained behavior regarding any executive orders related to cryptocurrencies during his inauguration speech was not well received by the Bitcoin community.

João Wedsen, founder of Alphractal, also stated that the buying pressure quickly returned after the price fell below $100,000.

However, Glassnode, a data analysis platform, reported that over $68 million in long positions were liquidated within 24 hours. The platform added, “The 24-hour SMA of long position liquidations in Bitcoin reached $2.9 million, marking the third-largest long liquidation event in the past three months.”

Will we see a reversal in Bitcoin’s price? One specific trend observed in Bitcoin over the past few months is the volatile price movement on Mondays, which often determines the weekly low or high before reversing in the opposite direction. This typically occurs when the price moves sharply during low liquidity sessions before reversing in the real direction after the opening of the U.S. market.

It is important to note that losses may increase later in the week, but over the past eight weeks, the BTC price has determined its weekly low or high on Mondays. With the upcoming FOMC meeting scheduled for January 28-29, market volatility is expected over the next few days.

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