Bitcoin drops below $95K after rejection near $100K

Bitcoin's (CRYPTO:BTC) attempt to breach the $100,000 milestone faltered once again, as the cryptocurrency experienced a sharp decline, slipping below $95,000.

The asset's six-figure ambition has been anticipated since 2021.

Despite coming close on multiple occasions, Bitcoin has consistently faced strong resistance.

On Friday, it hit a record high of just over $99,800, according to data from major exchanges.

However, weekend trading saw the price retrace sharply, continuing into Monday.

Bitcoin briefly recovered to $99,000 before another rejection pushed it down to an intraday low of $94,550 on Bitstamp.

The cryptocurrency has rebounded slightly, trading near $96,000 at the time of reporting.

This downturn coincides with MicroStrategy's announcement of a $5 billion Bitcoin purchase.

MicroStrategy remains the largest corporate holder of Bitcoin, and its actions often influence market sentiment.

Bitcoin’s price has been climbing since Donald Trump’s election victory three weeks ago, adding over $30,000 during this period.

The recent drop has contributed to broader market volatility, with altcoins like ETH (CRYPTO:ETH), SOL (CRYPTO:SOL), BNB (CRYPTO:BNB), XRP (CRYPTO:XRP), and DOGE (CRYPTO:DOGE) also experiencing 2-3% hourly declines.

Data from CoinGlass reveals that total liquidations during this turbulent period exceeded $430 million in 24 hours, with Bitcoin long positions accounting for $106 million.

In just the past hour, liquidations surpassed $120 million as bearish momentum persisted.

Bitcoin’s struggle to cross $100,000 and the subsequent volatility have left investors cautious.

Market watchers remain focused on whether BTC can sustain its upward trajectory amid continued pressure.

At the time of reporting, the Bitcoin price was $93,055.24.