Bitcoin Price Drops to $99,404 Amid Increased Market Volatility
Bitcoin's price fluctuates near $100,000, currently trading at $99,404 after a 0.32% decline in the past 24 hours. The total cryptocurrency market cap is $3.55 trillion, down from a peak of $3.62 trillion, reflecting a loss of $62.89 billion in valuation due to a 1.74% pullback in Bitcoin.
Bitcoin Price Trends
The daily chart indicates a bearish reversal for Bitcoin, suggesting a potential pullback to support at approximately $87,680, marking a projected decrease of nearly 12%. Despite the recent downturn, Bitcoin's market cap stands at $1.96 trillion, with a weekly increase of 2.57%.
Photo: TradingView
The bearish sentiment surrounding the rising wedge pattern suggests further declines may occur as it approaches critical support levels.
Market Liquidations
The market recorded liquidations totaling $290.39 million in the last 24 hours, primarily driven by $217.71 million in long positions. Bitcoin's open interest remains at $61.5 billion, with a bullish long/short ratio among top traders on platforms like Binance and OKExchange. A notable $41 million liquidation in Bitcoin correlates with significant losses in long positions.
Institutional Support from Bitcoin ETFs
Despite short-term bearish trends, institutional support through US spot Bitcoin ETFs is increasing. Recent data shows a net inflow of $2.73 billion into Bitcoin spot ETFs over the past week, the second-largest inflow following $3.38 billion two weeks prior.
Historical Performance Indicators
Historical data indicates that positive performance in November typically leads to gains in December. Over the last decade, Bitcoin has consistently shown this trend. For instance, in November 2015, a 19.27% rise was followed by a 13.83% increase in December. Similarly, strong performances in previous years resulted in significant December rallies.
This November's 37.29% increase suggests a heightened possibility of a substantial rally, potentially driving Bitcoin prices above $120,000 by the end of 2024.