Bitcoin's price has been stuck in a rut, struggling to regain the $70,000 mark as liquidation reaches a staggering $93.68 million. The cryptocurrency's value has plummeted to $69,670.58, a 0.28% drop in 24 hours, dragging altcoins down with it.

The Bitcoin Drawdown: A Domino Effect

The price slump has had a ripple effect on other cryptocurrencies, with Ethereum (ETH) falling by 1.20% to $3,670.56, Binance Coin (BNB) dropping by 7.45% to $622.28, and Solana (SOL) and XRP declining by 1.53% and 0.53%, respectively. However, Toncoin (TON) bucked the trend, maintaining its surge by 1.28% to $7.176.

The combined crypto market liquidation has seen 51,090 traders caught up in the slump, with Bitcoin leading the charge with $14.59 million in liquidations. Ethereum and Solana follow closely, with liquidations of $12.3 million and $4.2 million, respectively.

Market Pundits Weigh In

The growing liquidation trend has left market analysts scratching their heads, wondering what might be driving the market reaction. One possible explanation is the increasing use of leveraged trading, which can lead to a snowball effect in market downturns.

A Rate Cut Could Be the Key

However, there are signs that Bitcoin's fortunes could be about to change. The United States Federal Reserve is set to announce a rate cut, following similar moves by central banks in the G7. This could make Bitcoin more attractive to institutional investors, who are increasingly looking to diversify their portfolios.

The Gateway to Institutional Investment

The introduction of spot Bitcoin ETF offerings has created a gateway for institutional investors to enter the market. With the support of governments in the United States, the United Kingdom, Australia, Hong Kong, and Thailand, the stage is set for a Bitcoin rebound.

In conclusion, Bitcoin's price slump is likely to be short-lived, as the market indices and spot BTC ETF accumulation continue to grow. With the right incentives in place, Bitcoin is poised for a rebound.