Bitcoin Price Drops to $93K, What Happened?
2024-11-26
Bittime - Bitcoin's attempt to reach $100,000 stalled when sellers took over and pushed the price of BTC below $93,000.
Margin traders who were long positions suffered heavy losses, with total crypto market liquidations on the buy side reaching $337.6 million in the last 24 hours.
Bitcoin Price Drop Analysis
Evidence of liquidation-induced selling can be seen in the chart below, which depicts volume data from a major centralized exchange and shows heavy selling on exchanges that offer perpetual futures trading.
Liquidate Bitcoin Long Positions
Looking beyond the forced sale of long positions (liquidation), Glassnode identified holders Bitcoin long-term (LTH) as another cause behind the current sell-off.
The analysts pointed out that the 6-month to 12-month LTH group was the top seller “when their average cost basis was 71% lower than market price (approximately $57.9K).”
“With Bitcoin surging from $74K to $99K, they are reaping huge profits from this rally.”
Financial markets are always a delicate balance between buyers and sellers, and today's price action shows a shift in bias from short-term sentiment favoring spot and long positions to shorts.
As liquidations increased and Bitcoin prices approached $90,000, there was a surge in short positions opened, and the BTC funding rate rose from 0.019 to a peak of 0.04.
Liquidation map data now suggests that a Bitcoin price drop below $94,000 would trigger another wave of forced selling toward $90,000, a level some traders say they would happily bid on.
Read too What is a Bitcoin Correction and How is it Different from a Crash in Crypto?
FAQ About Bitcoin Price Drops to $93K
1. How much is 1 Bitcoin in rupiah, right?
Currently, the price of 1 Bitcoin (BTC) is equivalent to around IDR 1,470,003,340. This value may fluctuate.
Source: Bittime.com
2. What is the all-time high Bitcoin price?
Bitcoin reached its all-time high price (ATH) of $94,378 on November 20, 2024. This spike reflects increased interest from investors and wider adoption in the market.
3. What is Bitcoin's all-time low?
Bitcoin's lowest recorded price was around $0.06 in July 2010, when Bitcoin was first traded. This shows how far the price of Bitcoin has come since its inception.
Source: Investopedia
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Reference
Big Smokey, Bitcoin price slips to $93K as liquidations soar and long-term BTC holders take profit, Accessed November 26, 2024
Author: IN
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