Bitcoin Rebounds Above $100K After Sharp Pullback

Bitcoin has experienced a rollercoaster week, briefly smashing the $100,000 milestone late Wednesday before plummeting below $93,000 on Thursday amid massive market liquidations.

Now, Bitcoin is clawing its way back, rising above the six-figure mark again early Friday afternoon. As of 12:45 PM ET, Bitcoin climbed to $101,878 before cooling to $101,233, effectively trading flat over the past 24 hours.

Liquidations Fuel Thursday’s Chaos

Thursday’s dramatic plunge left traders nursing significant losses, with data from CoinGlass reporting:

• $890 million in liquidations across the crypto market in the past 24 hours.
• Bitcoin accounted for the lion’s share, with over $489 million liquidated—$408 million of which were long positions betting on further price gains.

Friday’s Rebound: Calm After the Storm

While there’s no singular trigger for Bitcoin’s rebound, analysts point to a couple of factors that may have buoyed sentiment:

1. U.S. Jobs Report: A strong jobs report released Friday morning reflects continued economic resilience, helping stabilize investor confidence.
2. Pro-Crypto Policy Signals: President-elect Donald Trump announced venture capitalist David Sacks as the White House’s first-ever AI and Crypto Czar, underscoring a more crypto-friendly approach in the upcoming administration.

Market Outlook

Despite Thursday’s turmoil, Bitcoin’s swift return above $100K demonstrates the asset’s underlying bullish sentiment and resilience amid volatility. Traders are closely watching macroeconomic signals and regulatory developments as Bitcoin continues to test new price levels in this historic bull run.

With institutional adoption rising and pro-crypto signals from policymakers like Trump’s administration, analysts believe Bitcoin’s price movements will remain front and center as the market navigates its next leg higher.