🚨 Factors Contributing to the Bearish Trend
1. Bitcoin Drop: Bitcoin has fallen below $100,000, reaching an intraday low of $97,791. This drop was due to a massive liquidation event that wiped out approximately $931.08 million from the market. The total cryptocurrency market capitalization has decreased to $3.57 trillion, reflecting a widespread bearish sentiment.
2. Selling Pressure: Selling pressure from long-term holders has increased, contributing to the price decline. This has been exacerbated by concerns over an artificial intelligence platform in China and diminishing hopes for an interest rate cut.
CONCLUSION:
Despite a greed index suggesting optimism, the cryptocurrency market is facing a bearish trend driven by massive liquidations, selling pressure, and the negative performance of altcoins. Caution is advised, and these factors should be considered when making investment decisions, folks.