Bitcoin Price Plummets 1.98% in Two Hours Amid Aggressive Selling

Bitcoin's price plummeted by 1.98% in just two hours following the London session opening, dipping to $83,200. This sudden drop was largely driven by aggressive selling in perpetuals, which shifted the funding rate from a positive 0.0042% to a negative 0.0013%. Additionally, spot selling pressure contributed to the decline, causing BTC to slip below the critical $83,000 level and absorb the surrounding liquidity.

The sudden downturn has raised questions about the stability of Bitcoin's price, which could potentially bounce back if spot buying increases on a larger scale.