Bitcoin market recovers strongly: Bitcoin has shown signs of recovery over the weekend, with the price nearing 98,000 USD after a sharp drop on Saturday. This recovery surprised many traders as Bitcoin’s price plummeted by over 2,000 USD in a short period of time.

Pressure from liquidations: According to CoinGlass, total Bitcoin liquidations reached 500 million USD, with long liquidations over 344 million USD and short 136 million USD. The cause is due to strong market volatility causing many investment positions to be swept up in short selling and protective buying.

Factors boosting optimism: Optimistic factors come from loose monetary policies and President-elect Donald Trump’s plans to support crypto-related initiatives. Large organizations like Charles Schwab and BlackRock have shown interest in expanding products in the crypto market.

Rising trend of other coins: The price of XRP rose to 1.59 USD, the highest in three years, as there were rumors the SEC may withdraw in the case against Ripple Labs. Dogecoin also experienced a strong rebound, reaching similar heights before a slight adjustment.