Bitcoin has dropped below $100,000 as long-term holders sold approximately 400,000 BTC valued at $45 billion over the past month. The cryptocurrency declined 7.4% on Tuesday, extending total losses to over 20% from its recent peak. Unlike October's downturn driven by leverage liquidations, the current pressure stems from spot market selling by established investors.

Bitcoin briefly touched the $100,000 level during a market-wide sell-off. The decline forced the closure of over $1.6 billion in leveraged long positions within 24 hours. Analysts cite risk-averse sentiment and uncertainty over Federal Reserve rate policy as key drivers.

Bitcoin rose 2.7% to $110,700 on Thursday following a presidential pardon for Binance founder Changpeng Zhao. BNB surged over 5% on the news. The rally extended to major cryptocurrencies including Ether, DOGE, and ADA, which gained 2-3%.