2024

Bitcoin

when

April

Bitcoin’s quest for $100,000 hit an impasse as sellers took control and pushed <a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a> 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.
<figure>
 <img alt="Bitcoin Price, Markets, Market Update" src="https://s3.cointelegraph.com/uploads/2024-11/0193656e-c6aa-7e1d-b5a4-bc6548e580db" title="">
 <figcaption style="text-align: center;">
 Crypto market liquidations. Source: CoinGlass
 </figcaption>
</figure>
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.&nbsp;&nbsp;
<figure>
 <img alt="Bitcoin Price, Markets, Market Update" src="https://s3.cointelegraph.com/uploads/2024-11/0193656f-ddcb-71c9-b30b-730d942497a2" title="">
 <figcaption style="text-align: center;">
 BTC/USD and BTC/USDT CEX volume by side. Source: TRDR.io&nbsp;
 </figcaption>
</figure>
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 “when an average cost basis 71% lower than the market price ( ~$57.9K).”&nbsp;
<blockquote class="twitter-tweet">
 Things are getting heated! <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> long-term holders (LTHs) have come out in force, with selling pressure hitting -366K <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a>/month - the highest since April 2024. But who is actually selling? Let’s dig deeper: <a href="https://t.co/hr64gBGUCd">https://t.co/hr64gBGUCd</a> 🧵👇 <a href="https://t.co/OpsayTaNsf">pic.twitter.com/OpsayTaNsf</a>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1861071884831363118?ref_src=twsrc%5Etfw">November 25, 2024</a>
</blockquote>
<blockquote>
 “With Bitcoin surging from $74K to $99K, they capitalized big on the rally.”&nbsp;
</blockquote>
Financial markets are always a delicate balance between buyers and sellers and today’s 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’s funding rate climbed from 0.019 to a peak at 0.04.&nbsp;
<figure>
 <img alt="Bitcoin Price, Markets, Market Update" src="https://s3.cointelegraph.com/uploads/2024-11/01936572-3ff8-7563-9c24-b38b324a3b0c" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TRDR.io
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/who-cares-about-100k-5-things-bitcoin-this-week" rel="" target="_self" text="null" title="https://cointelegraph.com/news/who-cares-about-100k-5-things-bitcoin-this-week">Who cares about $100K? 5 Things to know in Bitcoin this week</a>
<figure>
 <img alt="Bitcoin Price, Markets, Market Update" src="https://s3.cointelegraph.com/uploads/2024-11/01936573-b7ad-7656-9229-882b24150f44" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation map. Source: CoinGlass
 </figcaption>
</figure>
Liquidation map data now suggest that a Bitcoin price drop below $94,000 will kick off the next wave of forced selling to $90,000, a level which some traders have suggested they would be happy to bid.&nbsp;
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Day 21 of the Cycle. Back at the 10dma generally a good spot to bounce and continue the uptrend. 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.— Bob Loukas 🗽 (@BobLoukas) <a href="https://twitter.com/BobLoukas/status/1861161125443690906?ref_src=twsrc%5Etfw">November 25, 2024</a>
</blockquote>
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.

Bitcoin price slips to $93K as liquidations soar and long-term BTC holders take profit

Cointelegraph

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