- Bitcoin’s price plummeted to the $91K zone, marking a 7% decline from its high of $98,360.
- Over $687 million in crypto liquidations occurred, with BTC alone accounting for $178.25 million.
Just an hour before, Bitcoin (BTC) saw a significant drop in the Asian trading hours, plunging into the $91K range after a loaded crypto liquidation totaling $687 million. BTC alone accounted for $178.25 million in liquidations, reflecting the market’s struggle with overheating leverage positions and profit-taking among holders.
Over the past 24 hours, Bitcoin’s price fell by more than 7%, dipping from a high of $98,360 to an intraday low of $91,463.
This sharp decline led the broader cryptocurrency market into a downward spiral, with altcoins like Ethereum (ETH), BNB, and XRP all experiencing losses between 5% and 10%, respectively. At press time, Bitcoin is trading at $91,902 with a market cap of $1.82 trillion.
Bitcoin (BTC) Faces Short-Term Setback
The sudden pullback comes after Bitcoin failed to reach the highly anticipated $100K milestone, despite expectations fueled by the Trump presidency’s impact on crypto. Traders were caught off guard as Bitcoin’s price dropped nearly 8.22% from its all-time high of $99,655, which was recorded on Nov 23.
Despite this short-term dip, analysts remain optimistic about Bitcoin’s long-term outlook. Technical indicators such as the RSI at 62 and a Chaikin Money Flow of 0.18 suggest moderate buying pressure, indicating the potential for further upward movement without immediate reversal risks.
On the other hand, BTC’s price dropping below both the 20-day EMA and 50-day SMA signals a short-term bearish trend with increased selling pressure. This indicates a potential for correction or consolidation before a continued upward move.
