$BTC The bearish trend of Bitcoin took optimistic traders by surprise

The drop caught traders off guard; approximately $427.84 million in long positions were liquidated in the last 24 hours, according to data from CoinGlass. Just a few days earlier, on Tuesday, Bitcoin had risen to $110,265, just below its all-time high of May 22, $111,940.

Although gold and oil prices have risen by 1.44% and 11% in the last 24 hours, some cryptocurrency analysts believe that this superior performance could change quickly.