Bitcoin Drops as Market Faces Headwinds

The cryptocurrency market has seen an extension of losses, with Bitcoin notably slipping below the $104,000 threshold. Market analysts are attributing this downturn to a confluence of factors, including an unfolding DeFi crisis and prevailing macroeconomic anxieties. While the immediate sentiment is negative, some observers posit that the recent clearing out of leveraged positions might, in fact, be a necessary precursor, potentially paving the way for a more robust and sustainable recovery in the long term.