Bitcoin stabilizes around $98,000 as liquidations surpass $500M

Bitcoin Fluctuates Amid Market Volatility, Liquidations Exceed $500 Million

Bitcoin has stabilized around $98,000 after a period of strong price fluctuations. Liquidations have exceeded $500 million across the cryptocurrency market.

On Thursday, Bitcoin was approaching $100,000, prompting analysts to predict its imminent milestone. However, the price dipped to a three-day low of $95,800 before recovering to its current level.

The price drop triggered a wave of liquidations, with over $505.99 million liquidated in the past 24 hours. Long liquidations accounted for $380.42 million, while short liquidations totaled $125.58 million.

Bitcoin Accounts for $77 Million in Liquidations in Last 24 Hours

Bitcoin led the recent liquidations, with over $77 million worth of positions closed in the last 24 hours. Ethereum followed with $41 million in liquidations, while Dogecoin and XRP saw $34.6 million and $30.41 million in liquidations, respectively.

In a recent analysis, crypto analyst Miles Deutscher highlighted the shifting market dynamics: "For the first time in a while, all segments of the market are detached. This bullishness bodes well for the entire space, as increased attention brings liquidity and allows each altcoin to shine."

Analysts Anticipate Bitcoin's Rise to $100,000

Despite the recent volatility, analysts remain optimistic about Bitcoin's future. They expect the token to reach $100,000 by year-end. QCP Capital attributes this optimism to strong demand and easing monetary policy globally.

Trump's Incoming Administration Impacts Bitcoin Surge

Bitcoin has surged by over 44% since Donald Trump's election victory on November 5. Positive investor sentiment, fueled by the incoming administration's crypto-friendly stance, has propelled the rally.

The potential appointment of a new SEC chair who is more favorable to digital assets has further boosted speculation about a lenient regulatory approach.