Bitcoin Slips Below Weekly Close Despite Fresh All-Time Highs
At the Nov. 18 Wall Street start, Bitcoin recouped its early-week gains as late longs faced a liquidity hunt. According to data, the price of bitcoin fell by 3%, bringing it below the weekly close. Bitcoin had reached its greatest level ever at that weekly end, but the news that business intelligence firm MicroStrategy had bought $4.6 billion worth of the cryptocurrency in the previous week seemed to dampen the spirit
Usually we get a short term dump on Saylor’s buy announcements as it explains a lot of the buying that was done,
popular trader Daan Crypto Trades
Before volatility came in, when intraday lows focused on the region just below $87,000, BTC/USD reached fresh all-time highs on November 13 close to $93,500.
Short Sellers Increase Positions as Bitcoin Tests $90K Support
Since buy-the-dip objectives are already reaching $70,000, several analysts considered the possibility of a deeper decline in the price of bitcoin.
Bitcoin dips are still ready to be bought. I think we’ll see a substantial dip across markets in the coming 1-2 weeks, but for now, enjoy the upward ride.
analyst Michaël van de Poppe
With its decline below $90,000, Bitcoin started to take a wall of liquidity, and well-known trader Skew noted that more short positions were now being entered. At the time of writing, 24-hour Bitcoin-long liquidations were valued at approximately $35 million, according to data from the monitoring resource CoinGlass.
A lot of shorts just opened here into price & still chasing ~ 2K + BTC in shorts. Some minor long capitulation as well on that move. Usually these walls get pulled but this time they actually got sold into & mostly got filled. Funny if it was not intentional, but let’s see if this price area gets defended now.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment