Bitcoin has fallen below the $100,000 level due to an increase in investor risk aversion and the impact of sell-offs in the technology sector. The digital asset, which lost 3.9 percent of its value on Friday, dropped as low as $97,956.
With this decline, more than $450 billion in market value has been lost since the beginning of October.
This weakness in the market is being linked to the withdrawal of major investment funds, ETF purchases, and corporate balance sheets that had contributed to Bitcoin's rise throughout the year. This situation indicates that a new period of fragility has begun in the cryptocurrency market.
10x Research analysts state that the crypto market has entered a confirmed bear trend due to weakening ETF inflows, continued selling by long-term investors, and low demand from retail investors. According to the analysts, the next significant support level for Bitcoin stands at $93,000.
News Source: 12punto
