MICA Daily | Investors start to take profit, BTC falls below $93,000

2024-11-26 02:04:08

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Investors have started to take profits in the Cryptocurrency market, causing the BTC price to fail to break through the $100,000 mark successfully. It fell from yesterday all the way to $93,000. On the other hand, in the past 24 hours, the total liquidation amount of long positions in the Cryptocurrency market reached $337.6 million due to the forced closing of long positions, leading to stronger selling pressure, mainly from Cryptocurrency exchanges that offer high leverage Futures Trading.

The analysis pointed out that in addition to the liquidation of leveraged positions, long-term investors have also become another major source of selling pressure. According to Glassnode data, investors holding BTC for 6 to 12 months are selling a large amount of BTC. Due to the rapid price increase, their average cost is only 71% of the market price (about $57,900). These investors seized the surge of BTC from $74,000 to $99,000 and successfully took profits.

Currently, there is a reversal in the buying and selling power in the market, shifting from a short-term bullish trend to an increase in short positions sentiment. Along with the increase in liquidation, there is a significant increase in short positions in the market, and the borrowing interest rate has climbed from 0.019 to a high of 0.04, indicating a very active trading activity. We are still observing when this pullback will end, but it can be anticipated that the market will need a rest period after overheating.

Disclaimer: The article only represents the author’s personal views and opinions, not the objective views and positions of Block. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Block will not be responsible for any direct or indirect losses resulting from the investor’s transactions.

<MICA Daily｜Investors start to take profits, BTC falls below $93,000> This article was first published in Blockchained.

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