Bitcoin below USD $95,000 is about to close December in negative
The flows of Bitcoin spot ETFs in the U.S. turned red on Friday amid the prolonged bearish price action. Still, with recent losses, BTC has gained over 100% this 2024.
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Bitcoin (BTC) looks red this December now that it approaches closing the month with negative performance.
The bearish price action extends in the cryptocurrency market this weekend, eleven days after Bitcoin conquered a new all-time price high of over USD $108,000 and on the eve of New Year's.
The largest and oldest cryptocurrency in the world dropped 13.5% in price from its record mark in the early hours (EDT) on Saturday, when it fell to local lows of $93,400. By the time of writing this, its price is around USD $94,000, which translates to a monthly loss of 1.77%, according to data from Coinglass.
Bitcoin had shown signs of recovery during the holidays of December 24 and 25, when it briefly surged above USD $99,000; however, since then it has turned bearish again. Days earlier, the price of the digital coin had already fallen below $93,000 amid volatile action that caused massive liquidations.
Liquidations in the cryptocurrency market amounted to over USD $130 million in the last 24 hours amid the broader price correction. Of that total, just over USD $81 million corresponds to liquidations of long positions or bullish bets, while the rest represent short positions.