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$800 Million Set For Liquidation If BTC Reclaims This Price

Sergio Gruber by Sergio Gruber
November 16, 2024
in Crypto, News
Reading Time: 2 mins read
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Bitcoin (BTC) has recently captured significant attention by reaching multiple all-time high (ATH) levels following Donald Trump’s victory in the 2024 US presidential elections. Although BTC has experienced a slight downward adjustment in the past 24 hours, a rebound to its previous price level could pose considerable challenges for bearish traders.

Potential Risks for Bitcoin Bears

In a recent analysis by crypto expert Ali Martinez on the social media platform X, a precarious situation for bears is highlighted. If Bitcoin manages to reclaim the $93,000 price level, over $800 million could be at risk of liquidation. BTC’s existing ATH is recorded at $93,477, which underscores the potential volatility in the market.

blockdag 70m

Current Market Status

As of the latest update, Bitcoin is trading at $89,480, reflecting a 1.9% decrease over the past 24 hours. On the 4-hour chart, a crucial support level for BTC appears to be around $86,000. This level has been tested three times already, and any further drop could push BTC towards its next significant support at $81,600. If Bitcoin fails to maintain its position above this level, a further decline to $79,700 could ensue.

While a drop in Bitcoin’s price could benefit bear traders, reclaiming the $93,000 level would significantly impact them. Such a rise could trigger over $800 million in liquidations, potentially leading bearish traders to reconsider their positions.

Liquidation Overview

According to Coinglass data, contracts worth over $508 million have been liquidated in the last 24 hours, with $355 million in long positions and $153 million in short positions. This highlights the current market volatility and the potential risks for traders.

Future Projections for Bitcoin

Another leading crypto analyst, @CryptoKaleo, supports Martinez’s warning, suggesting that Bitcoin could momentarily dip to $86,000 before starting another upward journey to reach new ATHs, possibly surpassing $100,000. The analyst remarked:

“Just a little dip and a bit more ranging then send to $100K+. Honestly think this is the best-case scenario for alts if we somehow get it. Would look for outperformance while BTC is accumulating around $90K.”

Factors Driving Bitcoin’s Price Surge

Several factors have fueled Bitcoin’s remarkable price action. The cryptocurrency’s halving event earlier this year, the approval of Bitcoin exchange-traded funds (ETFs), and the growing institutional adoption of digital assets have all contributed to the current situation. However, Trump’s 2024 presidential win, perceived as pro-crypto, has acted as a significant catalyst for Bitcoin’s surge. In the 10 days since Trump’s victory on November 5, Bitcoin has risen from approximately $69,000 to a high of $93,000, marking a substantial 30% increase.

Future Growth Predictions

Despite this impressive rally, experts believe that Bitcoin still has room to grow. A recent research report indicates that Bitcoin’s bullish momentum is likely to continue until mid-2025, where it might reach its peak. Furthermore, the relatively low profit-taking observed during this bull run could further propel Bitcoin to unprecedented heights. Nevertheless, bulls should remain cautious of a significant CME gap around the $78,000 level, which could potentially attract a price correction.

Market Overview

At present, the total market capitalization of cryptocurrencies stands at $2.904 trillion, showing a 3.7% decline over the past 24 hours. Bitcoin’s dominance remains robust at 60.97%, highlighting its continued strength and influence in the market.

Tags: BitcoinBitcoin ETFBTCBTC liquidationBTCUSDTcrypto market capcryptocapcryptocurrencydigital asset
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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