Spike

Bitcoin

Spot

<ul class="wp-block-list"> 
 <li>Bitcoin dropped to $93K with $553M in liquidations, mostly from long positions.</li> 
 <li>Spot Bitcoin ETFs faced $435M in outflows, except BlackRock’s IBIT.</li> 
</ul> 
Bitcoin steadied at $94k on Tuesday, rebounding after a sharp sell-off that pushed its price below $93,000 earlier in the day. The <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">cryptocurrency</a> saw a 24-hour decline of 5.1%, with liquidations across the crypto market reaching $553 million, including $415 million in long positions. 
Bitcoin is trading at $94,408, and its market cap currently stands at $1.87 trillion, down 3.42% from the previous day. The total crypto market cap dropped by 2.88% to $3.25 trillion. Trading volume surged 20.96% over the past 24 hours to $240.41 billion, with Bitcoin contributing $84.77 billion, representing a 58.59% increase. 
Despite the dip, Bitcoin maintains its dominance, supported by its 19.79 million circulating supply. The crypto’s fully diluted valuation (FDV) stands at $1.98 trillion, with a volume-to-market-cap ratio of 4.54%, indicating active trading. 
The sell-off follows Bitcoin’s rapid ascent above $99,000 last week, driven by ETF demand and favorable macroeconomic conditions. However, long-term holders offloaded over 461,000 BTC, triggering Monday’s correction. Market makers are suspected of driving prices lower to <a href="https://x.com/ali_charts/status/1861189513629851995?t=ySv5oobwhvKIn4pCDrGKSw&amp;s=19" target="_blank" rel="noreferrer noopener nofollow">liquidate</a> leveraged longs. Spot Bitcoin ETFs saw net outflows of $435 million, with Fidelity’s FBTC and ARK Invest’s ARKB losing $135 million and $111 million, respectively. 
Conversely, BlackRock’s IBIT attracted $268 million in inflows. MicroStrategy bolstered market confidence with its largest-ever Bitcoin purchase of 55,500 BTC worth $5.4 billion. 
<h3 class="wp-block-heading" id="h-what-s-next-for-btc">What’s Next for BTC?</h3> 
Bitcoin’s key <a href="https://thenewscrypto.com/cardanos-critical-support-level-could-determine-next-major-rally-says-analyst/" target="_blank" rel="noreferrer noopener">support</a> levels are $88,000 and $90,000. A deeper correction could test the $80,000 mark, consistent with past bull-market behavior. On the upside, resistance at $95,000 could pave the way for a rally toward $98,000 if breached. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-26_10-03-52-1024x472.png" alt="" class="wp-image-115625" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-26_10-03-52-1024x472.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-26_10-03-52-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-26_10-03-52-768x354.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-26_10-03-52-1536x708.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-26_10-03-52.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure> 
The RSI currently reads 76.23, signaling overbought conditions, declining from its recent peak of 80. Moving averages indicate caution. The 9-day moving average is $95,251, slightly above the current price, while the 21-day average of $88,953 suggests strong medium-term support. The bearish crossover implies continued consolidation in the short term. 
Despite bearish momentum, analysts remain optimistic about Bitcoin’s year-end potential. Polymarket data shows a 72% probability of Bitcoin hitting $100,000 before Christmas. A <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">rebound </a>above $95,000 could lead to liquidations of $772 million in short positions, potentially fueling further gains.

Bitcoin Dips to $93K and Stabilizes at $94K Amid Liquidation Spike

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