Bitcoin has fallen sharply to $105,000 amid a sell-off in the crypto market. The recovery from the drop has been slow, with the price approaching a key zone. This was reported by Binance.
As of midday, the bitcoin price was $104,980.37 per unit. This morning, it was noticeable that the price was steadily moving downward. Over the past 24 hours, the cryptocurrency has lost more than 5%, and over the week — almost 14%.
Bitcoin’s market capitalization has decreased to approximately $2.09 trillion, while the trading volume per day exceeded $102 billion. The drop came after Bitcoin briefly rose above $110,000 earlier in the week, raising hopes of a recovery.
However, sharp selling pressure overnight triggered a new collapse. This followed several volatile trading sessions in October, when Bitcoin failed to hold key support levels despite brief attempts to recover. Analysts say market sentiment has worsened due to concerns about liquidity and global macroeconomic uncertainty.
As a reminder, Bitcoin set a new price record on October 5, when its value exceeded $125,000.
