BTC just briefly dropped below $100,000, causing a market explosion. In 24 hours, over $1.6 billion in long positions were liquidated—the largest wave of liquidations since September.

What's the culprit? Macro factors blew up—disappointed Fed rate cut expectations, tariff concerns, and credit market pressures triggered a collective "risk-off" mode among investors. On top of that, long-term large holders began taking profits, adding even more pressure.

ETH dropped 10%, while SOL and BNB fell 8% and 7%, respectively. BTC has now rebounded to around $101,000, but the weekly chart is still down over 10%.

Analysts say don't panic. The $100,000 mark is psychologically important, but it doesn't mean the long-term logic for BTC is broken. The real question is what the Fed does next and how global risk appetite develops—those are the key factors that will determine the market's direction.