{"id":52079,"date":"2024-11-26T01:39:00","date_gmt":"2024-11-26T01:39:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-slips-to-93-5-k-as-liquidations-soar-and-long-term-btc-holders-take-profit"},"modified":"2024-11-26T05:22:01","modified_gmt":"2024-11-26T05:22:01","slug":"bitcoin-price-slips-to-93k-as-liquidations-soar-and-long-term-btc-holders-take-profit","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52079","title":{"rendered":"Bitcoin price slips to $93K as liquidations soar and long-term BTC holders take profit"},"content":{"rendered":"

Bitcoin\u2019s quest for $100,000 hit an impasse as sellers took control and pushed BTC price under $93,000. Margin traders sitting in long positions saw heavy losses as the total crypto market liquidations on the buy side reached $337.6 million over the past 24 hours.<\/p>\n

\"Bitcoin
Crypto market liquidations. Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

Proof of the liquidations-driven sell-off can be seen in the chart below depicting volume-by-side data for major centralized exchanges and showing heavy selling at exchanges offering perpetual futures trading.<\/p>\n

\"Bitcoin
BTC\/USD and BTC\/USDT CEX volume by side. Source: TRDR.io<\/em><\/p>\n<\/figcaption><\/figure>\n

Looking beyond the forced selling of margin longs (liquidations), Glassnode identified Bitcoin long-term holders (LTHs) as another culprit behind the current selling. The analysts pinpointed the 6-month to 12-month LTH cohort as the primary seller \u201cwhen an average cost basis 71% lower than the market price ( ~$57.9K).\u201d<\/p>\n

\n

Things are getting heated! #Bitcoin long-term holders (LTHs) have come out in force, with selling pressure hitting -366K #BTC\/month – the highest since April 2024. But who is actually selling? Let\u2019s dig deeper: https:\/\/t.co\/hr64gBGUCd
\n\ud83e\uddf5\ud83d\udc47 pic.twitter.com\/OpsayTaNsf<\/p>\n

\u2014 glassnode (@glassnode) November 25, 2024<\/p><\/blockquote>\n

\u201cWith Bitcoin surging from $74K to $99K, they capitalized big on the rally.\u201d<\/p><\/blockquote>\n

Financial markets are always a delicate balance between buyers and sellers and today\u2019s price action saw the bias shift from the shorter-term sentiment being spot and leveraged long to short. As liquidations ramped up and Bitcoin price dropped closer to $90,000, a surge in short positions opened, and BTC\u2019s funding rate climbed from 0.019 to a peak at 0.04.<\/p>\n

\"Bitcoin
BTC\/USD 1-day chart. Source: TRDR.io<\/em><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Who cares about $100K? 5 Things to know in Bitcoin this week<\/strong><\/em><\/p>\n

\"Bitcoin
BTC\/USDT liquidation map. Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n

Liquidation map data now suggest that a Bitcoin price drop below $94,000 will kick off the next wave of forced selling to $90,000, a level which some traders have suggested they would be happy to bid.<\/p>\n

\n

$BTC Day 21 of the Cycle. Back at the 10dma generally a good spot to bounce and continue the uptrend.<\/p>\n

Generally the midpoint (around day 30) there is weakness, so if no bounce here, $86-88k likely for the midpoint over next 7-10 days.<\/p>\n

\u2014 Bob Loukas \ud83d\uddfd (@BobLoukas) November 25, 2024<\/p><\/blockquote>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s quest for $100,000 hit an impasse as sellers took control and pushed BTC price under $93,000. Margin traders sitting in long positions saw heavy losses as the total crypto market liquidations on the buy … Bitcoin price slips to $93K as liquidations soar and long-term BTC holders take profit<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52080,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin price slips to $93K as liquidations soar and long-term BTC holders take profit - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=52079\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin price slips to $93K as liquidations soar and long-term BTC holders take profit - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s quest for $100,000 hit an impasse as sellers took control and pushed BTC price under $93,000. 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