Bitcoin faced a volatile trading period, dropping to $68,830 before rebounding, which led to significant liquidations worth $296 million, predominantly in long positions. Binance experienced the highest liquidations at $124 million. Despite BTC nearing its ATH, the market is cautious, with some favoring Bitcoin over altcoins.
The total crypto market cap fell by 3.5% due to this correction, signaling that altcoins lag behind BTC in value increases. This has increased Bitcoin dominance, nearing 60%, posing a potential challenge for altcoins.
The possibility of Bitcoin reaching a new ATH hinges on factors like the potential election of a pro-crypto US president, BTC halving, and ETF inflows, balanced against market sentiment indicators suggesting caution.
While concern about market volatility exists, long-term Bitcoin holders remain undisturbed, with limited profit-taking. The coin's price stood at $71,524 recently, with a market cap at $1.41 trillion, indicating the continued belief in Bitcoin's potential.
