Bitcoin (BTC), the leading cryptocurrency by market capitalization, recently experienced a significant price plunge, falling to an intraday low of $98,081. This marked its lowest level since early May and saw BTC's market capitalization slip below the $2 trillion mark, reflecting a prevailing bearish sentiment in the cryptocurrency market. The price action was characterized by 16 consecutive 15-minute red candles, indicating intense selling pressure from an intraday high of $104,000 down to $98,113.

The drastic price drop led to approximately $400 million worth of crypto liquidations within 24 hours, with long positions accounting for the vast majority of these losses, according to CoinGlass data. This marked the second time in the month that the flagship cryptocurrency had fallen below the $100,000 threshold. According to analytics firm Santiment, this latest dip triggered a wave of "Fear, Uncertainty, and Doubt" (FUD) and numerous concerned posts across social media from retail traders. Historically, such panic selling by the retail crowd often presents less risky buying opportunities, as market prices frequently move contrary to the dominant social media narrative.

Several factors are attributed to this sell-off. A significant contributor was the mass selling by