Bitcoin

Bitcoin edged off multiday lows on Nov. 26 after a brutal day liquidated more than $500 million of crypto longs.
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 <img alt="Bitcoin price dip fails to squeeze leverage as $92.5K becomes ‘pivotal’" src="https://s3.cointelegraph.com/uploads/2024-11/0193677a-e0a2-76fb-85a9-af1788c1bf7d" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-risks-new-sell-off-if-92-500-zone-lost">Bitcoin risks new sell-off if $92,500 zone lost</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed $92,600 forming a local Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price bottom on Bitstamp.
BTC/USD <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/analysts-see-final-flush-before-100k-rush-bitcoin" rel="null" target="null" text="null" title="null">had fallen $5,000</a> over the course of the Nov. 25 daily candle, and a modest bounce from the lows was not enough to convince market participants that the worst was over.
“Nothing about this chart resembles a validated support test for $BTC,” Keith Alan, co-founder of trading resource Material Indicators, <a data-ct-non-breakable="null" href="https://x.com/KAProductions/status/1861260589776945324" rel="null" target="null" text="null" title="null">said</a> in part of an X post about 4-hour timeframes.&nbsp;
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 “At least not without landing on anything that looks like s prior consolidation or R/S Flip level. I could be wrong, but this feels like a short term bounce to trap some longs.”
</blockquote>
<figure>
 <img alt="Bitcoin price dip fails to squeeze leverage as $92.5K becomes ‘pivotal’" src="https://s3.cointelegraph.com/uploads/2024-11/01936775-155c-75b2-8e80-0b0a45821964" title="">
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 BTC/USD 4-hour chart. Source: Keith Alan/X
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Trader Skew flagged the area immediately beneath the local lows as essential for bulls to hold.
“To me the $92.5K - $92K area on BTC is very important now,” he <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1861269813341102507" rel="null" target="null" text="null" title="null">told</a> X followers.
<blockquote>
 “Losing that I think the market as whole would sell off.”
</blockquote>
<figure>
 <img alt="Bitcoin price dip fails to squeeze leverage as $92.5K becomes ‘pivotal’" src="https://s3.cointelegraph.com/uploads/2024-11/01936776-0f81-7298-89f1-50e78562c614" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 4-hour chart. Source: Skew/X
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A <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1861263179327881621" rel="null" target="null" text="null" title="null">further post</a> described $92,500 as the “pivotal price between higher &amp; a deeper correction.”
“A nice similarity here though is the pullback so far is around the same % as the previous ATH to initial low pullback,” Skew said, referring to Bitcoin’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analysts-6-figures-btc-price-93-5-k-record" rel="null" target="null" text="null" title="null">first trip to $93,500</a> earlier in November.
<h2 id="btc-traders-retain-taste-for-leverage">BTC traders retain taste for leverage </h2>
Meanwhile, data from monitoring resource CoinGlass put total cross-crypto liquidations over the 24 hours to the time of writing at $525 million.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/who-cares-about-100k-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">Who cares about $100K? 5 Things to know in Bitcoin this week</a>
“See how nicely the levered longs were swept. Nothing left to liquidate on the long side,” Sina, co-founder of asset management firm 21st Capital, <a data-ct-non-breakable="null" href="https://x.com/Sina_21st/status/1861185779554234747" rel="null" target="null" text="null" title="null">said</a> on X.&nbsp;
<blockquote>
 “Now imagine what can happen if the price begins rising and takes out that $1.5B short liquidation level at $97K.”
</blockquote>
<figure>
 <img alt="Bitcoin price dip fails to squeeze leverage as $92.5K becomes ‘pivotal’" src="https://s3.cointelegraph.com/uploads/2024-11/01936777-70ac-7829-92f0-435ef46c615d" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map (screenshot). Source: CoinGlass
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Sina added that Bitcoin had a chance to launch another “assault” on $100,000 if funding rates were to stay at manageable levels.
On a cautionary note, Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, warned that overall leverage remained elevated despite the liquidation event.
“Despite the recent deleveraging, leverage levels remain high,” he said alongside CryptoQuant data.&nbsp;
<blockquote>
 “Key long positions were built around $93K, giving bears a chance to profit before the price approaches this level.”
</blockquote>
<figure>
 <img alt="Bitcoin price dip fails to squeeze leverage as $92.5K becomes ‘pivotal’" src="https://s3.cointelegraph.com/uploads/2024-11/01936778-330d-7787-b2df-e695d03a2797" title="">
 <figcaption style="text-align: center;">
 Bitcoin adjusted estimated leverage ratio. Source: Axel Adler Jr./X
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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 dip fails to squeeze leverage as $92.5K becomes ‘pivotal’

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