Bitcoin Surges Past $100,000 Amidst Market Volatility

Bitcoin, the world's leading cryptocurrency, surged past the $100,000 milestone on February 4, marking a significant achievement in its ongoing bull run. The digital asset climbed 4.57% in the last 24 hours, reaching an all-time high of $100,150, according to CoinDesk data.

Analysts and market experts have been closely monitoring Bitcoin's price action, with some expressing concerns about potential short-term corrections. Ryan Lee, chief analyst at Bitget Research, noted that heightened volatility in traditional markets could either push investors to Bitcoin as a hedge or cause a sell-off in risk assets. "Escalating tensions may weaken traditional markets, prompting investors to seek Bitcoin... but broader uncertainty could still trigger short-term corrections," Lee said.

Despite these concerns, Bitcoin remains on track with historical cycles. The cryptocurrency has gained 525% since the collapse of the FTX exchange and continues to move within a channel between $90,000 and $109,000. CoinDesk analyst James Van Straten pointed out that Bitcoin's trajectory still aligns with its 2017 cycle.

However, the recent price action has not been without its challenges. Bitcoin briefly dipped below $100,000 on February 4, as escalating U.S.-China trade tensions threatened its short-term stability. The digital asset's total liquidation was $161.96 million, with long position traders recording more liquidations at $92.12 million, while short position traders registered $69.84 million within the same time frame.

Bitcoin's liquidation and price have impacted other altcoins as well. Other major assets that contributed to the total liquidation of $527 million include Ethereum (ETH), XRP, Dogecoin (DOGE), and Solana (SOL). Ethereum's total liquidation was $109.23, with long position traders suffering a loss of $57.47 million and short traders recording $51.76 million.

As of this writing, the Bitcoin price is witnessing a rebound on the crypto market, changing hands at $98,835.08, atop a 4.01% rally in 24 hours