Bitcoin Drops Below $97K Amidst Market Correction

Bitcoin's price dipped below the $97,000 mark on Tuesday, marking a 24-hour loss of 0.83%. According to market data, the cryptocurrency was trading at $96,995 at the time of the dip.

The recent decline in Bitcoin's price comes amidst a broader market correction, with many cryptocurrencies experiencing similar losses. Analysts attribute this to a combination of factors, including increased regulatory scrutiny, geopolitical tensions, and a general risk-off sentiment in global markets.

Despite the recent dip, Bitcoin's long-term prospects remain bullish. Many investors continue to view the cryptocurrency as a store of value and a hedge against inflation. Additionally, the growing adoption of Bitcoin by institutional investors and corporations has further bolstered its status as a legitimate asset class.

Looking ahead, market participants will be closely watching Bitcoin's price action for signs of a potential rebound. Technical indicators suggest that the cryptocurrency may be oversold, which could signal a reversal in its fortunes. However, any such move will likely depend on broader market conditions and geopolitical developments.