CandleFocus Bitcoin Dips to $93,000 With $400 Million in Longs Rekt. Where to From Here?
2024-11-26
Author: Content Editor
The world's largest cryptocurrency, Bitcoin, dropped 4.8% in a day to just above $93,000. Analysts believe this is due to traders rebalancing their positions as they approach the end of the year. The drop may also be influenced by a "sell wall" around the psychological barrier of $100,000 and a buildup of leveraged long positions. Liquidations of these positions totaled $550 million on Monday. However, experts believe this is normal market behavior and expect the market to retest $100,000 soon. Other cryptocurrencies in the top 10 also experienced dips, with Dogecoin falling the most at 9.5%.
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