Why did BTC drop below $96,000 despite a 7-day increase of over 5%?

Bitcoin price has experienced a correction at the integer level, but this does not change the medium-term upward trend. According to the latest market data, BTC/USDT is currently at $95,994.8, with a 24-hour increase of 0.61%. Although there has been a short-term pullback, from a broader time perspective, BTC’s performance remains strong.

Current Price Status and Recent Trends

BTC broke below the $96,000 integer level, which is often regarded as an important psychological price point in technical analysis. However, a more detailed look at the trend shows that this correction is just a short-term fluctuation:

The key observation is that the longer the time frame, the more pronounced the gains. This indicates that BTC’s main trend remains within an upward channel, and the short-term breach of the integer level is more of a normal technical adjustment rather than a trend reversal signal.

Market Position Remains Steady

From market performance, BTC’s dominant position remains unshaken:

• Market Cap: $1.92 trillion, accounting for 59.05% of the entire cryptocurrency market, still the absolute leading asset
• 24-hour Trading Volume: $5.949 billion, indicating sufficient liquidity
• Fully Diluted Market Cap: $2.02 trillion

These figures reflect that BTC’s status as the benchmark in the cryptocurrency market remains solid. The market share approaching 60% means BTC’s movements have a significant influence on the entire market.

Scarcity on the Supply Side

Looking at token supply, BTC’s scarcity is gradually becoming evident:

• Current circulating supply: 19,975,996 BTC
• Maximum supply: 21,000,000 BTC
• Circulation progress: 95.12%

This means over 95% of BTC has been mined, with less than 5% remaining to be mined. As supply approaches its cap, the long-term price support is expected to strengthen gradually.

Short-term Trend Observation

The breach of the integer level often triggers market attention, but data shows this is more of a technical adjustment rather than a trend disruption. A 0.37% decline over 1 hour is relatively mild, and the 24-hour trend remains upward. This “upward movement within a correction” pattern is generally a healthy market behavior.

Summary

Although BTC breaking below $96,000 triggered the integer level, multiple indicators show that this does not alter the medium-term upward trend. The 7-day 5.83% increase, 30-day 12.26% increase, stable market share, and supply gradually approaching the cap all point to BTC still operating within a healthy upward channel. Short-term price fluctuations are normal market behavior; the key is to observe the overall trend direction, which remains upward at present.