Bitcoin recently saw a 2.6% drop below 120,000 USD, currently priced at approximately 118,881 USD. Analyst Michael van de Poppe identified a bearish trend, suggesting the price may fall to 116,800 USD, potentially putting 1.63 billion USD in long positions at risk of liquidation.
Despite the downward trend, investor sentiment remains high with a fear and greed index reading of 68, signaling greed in the market. Bitcoin’s volatility persists, while traders still monitor movements of Ethereum as potential profit rotations back into Bitcoin are anticipated.
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