- Crypto liquidations surpassed $500M in 24 hours, affecting 186,245 traders. Bitcoin and Ether led with $121M.
- Bitcoin hit $99,320 on Nov. 22, nearing $100K, before retreating to $98,375 with a slight 0.08% drop.
- Due to geopolitical events, there have been significant pullbacks in Bitcoin and altcoins, like Ethereum at $3,326 and Doge losing 11%.
The crypto market experienced massive turbulence over the past 24 hours, with total liquidations crossing over $500 million across 186,245 traders, according to Coinglass. Long liquidations led the market with $379 million, while shorts brought in $125.49 million. Bitcoin and Ether led the liquidations, contributing $121 million collectively.
Bitcoin hit $99,320 on Nov. 22, nearly breaking the $100,000 milestone before retreating. The rally followed Donald Trump’s U.S. presidential election win when Bitcoin traded at $75,000. As of Nov. 24, BTC stands at $98,375, with a slight 0.08% drop over the last day. It has a $1.95 trillion market capitalization and $54.44 billion in trading volume.
Altcoins Face Massive Liquidations
Recently, Bitcoin recorded liquidations worth $79.96 million, while Ethereum shares a liquidation of $43.3 million and Dogecoin of $31.8 million. It was the same for popular altcoins such as XRP and Stellar, which showed liquidation at $30.33 million and $18.95 million, respectively. A sharp pullback caused significant value loss for leveraged traders, leading to a market downturn.
Experts on the market commented on the over-leveraged position traders who were a part of the wreck. Nearly 200,000 traders were liquidated in one 24-hour period, mostly long positions that were wiped out for $353 million. Some traders have gained from the latest uptrends, but the high volatility does not stabilize the markets, where overly overtraded instruments continue getting hit.
Bitcoin retracement is evident during certain macroeconomic events and geopolitical conflicts. The Iranian government’s threats towards Israel caused an immediate spiral decline in BTC and altcoin prices. Ethereum dropped to $3326, while Doge suffered 11%, XRP 16%, and ADA 14%, showing the market’s sensitivity to global events.
After a strong labor market in the US, the market started projecting possibilities of rate cuts by the Federal Reserve, which is always bullish for risk-on currencies such as Bitcoin. However, the trend is still unstable, which shows that investors are still cautious and opt for safe havens like gold when there is uncertainty in the market.
Bitcoin Price Dip Predicted: $91K to $85K
On November 23, 2024, Crypto analyst Ali Martinez highlighted on X a potential price dip for Bitcoin based on the TD Sequential indicator, which suggests BTC could correct to $91,583 or even $85,610. A close above $100,535 is necessary to negate the sell signal. Meanwhile, Peter Brandt emphasized the cyclic nature of BTC bull runs, often followed by steep corrections of around 80%.
Bitcoin’s grip on the market is still aggressive. It is the leading coin in the market, with a dominance of 56.2%, though recent reports indicate a slight shift. As of this writing, its price is sitting at $98,375, representing a 46% surge since the beginning of November, largely due to ETF inflows and the attitude towards the economic policies under the Trump administration.
Traditionally, December tends to be more bullish for BTC, and any pulling back of the price only takes a short time, after which the upward momentum continues. According to the analysts, several aspects, such as ETF inflows, changing international relations structures, and general trends, will only drive prices higher. While such corrections are expected within bullish trends, Bitcoin’s medium-term forecast seems positive.
Bitcoin’s ability to reclaim its momentum after recent losses will be critical in determining whether it can finally surpass the $100,000 mark. The market remains poised for heightened volatility, with traders closely monitoring macroeconomic and geopolitical developments.
Related Reading: Bitcoin Market Turmoil: Liquidations Surge as Greed Overtakes Traders
