Bitcoin Price Dip Fails to Squeeze Leverage as $92.5K Becomes Pivotal
Bitcoin has been on a bit of a rollercoaster lately, with prices fluctuating and traders keeping a close eye on the market. After a tough day that saw over $500 million in crypto longs liquidated, Bitcoin managed to bounce back from multi-day lows on November 26.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin hit a local price bottom of $92,600 on Bitstamp. Despite a $5,000 drop in the price of BTC/USD on November 25, a small bounce wasn’t enough to reassure the market that the worst was over.
One expert, Keith Alan, noted that the chart didn’t show a clear support test for Bitcoin, suggesting that it might just be a short-term bounce to trap longs. Another trading resource, Skew, highlighted the importance of the $92,500 – $92,000 zone for bulls to hold to prevent a market-wide sell-off.
While traders are holding on to high-leverage bets, liquidations in the crypto market reached $525 million in just 24 hours. Despite the recent pullback, leverage levels remain high, which could pose risks for the market in the future.
It’s essential for traders to conduct their own research and make informed decisions when investing in Bitcoin or any other cryptocurrency. Keep an eye on key levels like $92,500 and $100,000, as they could prove pivotal in the market’s next moves. Stay informed and trade wisely!
