Bitcoin experienced a significant decline, dropping 4.8% to just above $93,000, eliminating more than half of its recent gains. The sell-off was partly driven by a 'sell wall' near the psychological barrier of $100,000 and an overabundance of leveraged long positions. Market makers are thought to be pushing prices down to trigger liquidations of these positions, leading to $550 million in liquidations, predominantly from long positions. Despite the drop, analysts suggest this is typical behavior in a bull market, with expectations that Bitcoin may retest the $100,000 mark soon. The overall trading environment remains influenced by favorable conditions, including an interest-rate cutting cycle and evolving regulations. Other cryptocurrencies also suffered losses, with Dogecoin dropping nearly 9.5%.

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