“Bitcoin’s path to the psychological level of $100,000 “stalled” amid the liquidation of $430 million of longs and growing concerns about the expected November 27 inflation data and Fed minutes. Asia Color – 26 Nov 24 1/ Bitcoin dips below $93K — a $430M liquidation event coincides with a $438M ETF outflow on Monday, snapping a […]”, — write: businessua.com.ua
Bitcoin’s path to the psychological level of $100,000 “stalls” amid liquidation of $430 million of longs and growing concerns about inflation data expected on November 27 and the protocol of the Fed.
Asia Color – 26 Nov 24
1/ Bitcoin dips below $93K — a $430M liquidation event coincides with a $438M ETF outflow on Monday, snapping a five-day streak of inflows. Meanwhile, MicroStrategy slips 4.4% after its record $5.4B #BTC purchase last week.
— QCP (@QCPgroup) November 26, 2024
Experts also mentioned the outflow from BTC-ETF in the amount of $438 million.
The situation could be worsened by the holiday in the USA, which falls on November 28 (Thanksgiving Day).
Experts noted that the trigger for the reversal was MicroStrategy’s purchase of 55,500 BTC for $5.4 billion.
Implied volatility has shifted in the direction of puts “as the market takes a break,” the analysts concluded.
CryptoQuant CEO Ki Yoon-ju noted that the current pullback cannot be called “excessive.” Quotations retreat to last week’s levels.
Even in a parabolic bull run, #Bitcoin can see -30% pullbacks.
Such corrections repeatedly occurred during the 2021 price discovery from 17K to 64K.
This isn’t a call for a correction—just manage your risk and avoid panic selling at local bottoms. We’re in a bull market. pic.twitter.com/B5zpk7P0N9
— Ki Young Ju (@ki_young_ju) November 26, 2024
“After the election, the market became extremely overbought due to excessive leverage, which made a pause inevitable,” the expert explained.
He reminded that even on a parabolic bull run of Bitcoin, returns of 30% are inherent. Such corrections occurred repeatedly in 2021.
“Just manage your risk and avoid panic selling at local lows,” recommended CryptoQuant’s CEO.
Ki Yoon Joo’s colleagues stated that the pressure of profit fixation has not reached the peak observed after the former ATH in march This leaves room for further price increases.
FOMO-Driven Rallies and Risk of Profit-Taking
“The green bars showing STH selling in profit have yet to reach levels seen during the previous $72.4k peak. This suggests that profit-taking pressure hasn’t peaked, leaving room for further upward movement in price.” – By… pic.twitter.com/Edo3nvjwUN
— CryptoQuant.com (@cryptoquant_com) November 25, 2024
According to analysts, if the momentum continues, the rate could rise to $100,000 on FOMO demand.
Earlier, FalconX warned about the weakening of the Bitcoin bull initiative.
We will remind, in November, Bernstein analysts named the catalysts for the growth of the first cryptocurrency to $200,000.
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