Investors began to take profits in the cryptocurrency market, preventing Bitcoin's price from successfully breaking through the $100,000 barrier, dropping from yesterday down to $93,000. On the other hand, in the past 24 hours, due to forced liquidation of long positions, the total liquidation amount in the cryptocurrency market reached $337.6 million, leading to stronger selling pressure, mainly from cryptocurrency exchanges offering high-leverage contract trading.
Analysis indicates 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 for 6 to 12 months are selling large amounts of Bitcoin, with their average cost being only 71% of the market price (about $57,900) due to the rapid price increase. These investors capitalized on Bitcoin's surge from $74,000 to $99,000 and successfully took profits.
Currently, the buying and selling power in the market has reversed, shifting from a short-term bullish tendency to a warming bearish sentiment. With the increase in liquidations, the number of short positions in the market has significantly increased, and the borrowing rate rose from 0.019 to a maximum of 0.04, indicating that trading activity is quite active. We are still observing when this wave of correction will end, but it can be expected that the market will need a break after overheating.
Statement: The article only represents the author's personal views and opinions, not the 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 trades; the author and Block will not bear any responsibility for direct or indirect losses incurred by investors' trades.
"MICA Daily｜Investors begin to take profits, Bitcoin falls below $93,000" This article was first published on (Block).
