Bitcoin reached new highs for several consecutive days last week, touching $99,800, but just $200 away from $100,000, it experienced a pullback. Today (25th) early morning, it further dipped below $96,000, with a market cap shrinking by over $60 billion since Friday. In the past 24 hours, about 200,000 traders encountered liquidations, with a total liquidation amount of $512 million, of which long position losses accounted for the largest share at $380 million. The largest single liquidation occurred on Binance, with an amount exceeding $13 million.
Apart from Bitcoin, some competing coins like XRP, DOGE, and ADA have also seen significant declines. For example, XRP fell by 11% from a local high of $1.6 to $1.34, and the previously strong ADA dropped 9% to below $1. Meme coins were also affected, with the Dogecoin series, including BONK and DOGE, experiencing a nearly 10% pullback.
This wave of decline seems to carry little significance, merely indicating that some investors in long positions began to take profits and exit early to avoid potential pullbacks. However, the market does not seem that pessimistic, as Bitcoin rebounded again to $98,000. The subsequent trend of the cryptocurrency market will depend on the growth rate of the U.S. economy, with hopes of successfully breaking through the $100,000 barrier.
Statement: The article only represents the author's personal views and opinions, and does not represent the views and positions of the blockchain. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and the blockchain will not bear any responsibility for any direct or indirect losses incurred by the investor's trades.
"MICA Daily｜Bitcoin retraces to $96,000, $500 million long positions forcibly liquidated" was first published on (Blockchain).
