Bitcoin Price Forecast: BTC drops below $93,000 due to leverage overheating and profit-taking
Bitcoin (BTC) continues to trade in the red, dropping below $93,000 on Tuesday after declining almost 5% the previous day. CryptoQuant data shows that the recent price pullback is due to leverage overheating conditions and holders’ booking profits in BTC, resulting in $150 million in Bitcoin liquidations in the last 24 hours and $435 million in spot BTC Exchange Traded Funds (ETF) outflows on Monday.
Elon Musk's Doge meme sparks debate over market manipulation
Elon Musk’s recent posts about Dogecoin (DOGE) have sparked questions about whether he is intentionally influencing the meme coin's value. His latest tweet, which included a meme referencing the Department of Government Efficiency (D.O.G.E.), caused a brief surge in DOGE’s price. Although Musk’s post was related to a political project and not the cryptocurrency, the timing of the price movement led many to wonder if he is using his social media presence to affect DOGE’s value.
Crypto market deepens correction
The cryptocurrency market is under pressure, losing about 4.6% in 24 hours to $3.2 trillion by the start of active trading in Europe. These are five-day lows, with the crypto market driven by a sell-off in safe havens such as Bitcoin and Gold in hopes of deescalating tensions between Lebanon and Israel. Separately, Trump's tariff threats are playing against stock indices and weighing on equities.
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