Today (November 26), in the early hours, BTC fell to a low of $92,000, a drop of 6.34% from the peak of $99,000, and a 24-hour decline of 2.56%. The market is discussing the resistance BTC faced when trying to break the psychological barrier of $100,000.
BTC market capitalization has declined to 55.88%
According to AICoin (aicoin.com) market data, today BTC has retraced to a low of $92,000, with market capitalization declining to 55.88%. In the 4-hour cycle, the MACD histogram has turned negative, indicating a strengthening of bearish momentum in the short term. The DIF and DEA lines show signs of a death cross, suggesting a high probability of continued weakness. The current RSI value is at 42.7, which is relatively low and has not yet entered the oversold zone, indicating there is still room for further decline.
Image source: x
BTC is currently trading at $94,872, with the price having fallen below EMA7 ($95,561.6) and EMA30 ($96,355.5), and is approaching EMA120 ($89,127.8), indicating a bearish short-term trend.
During Bitcoin's volatility, many investors choose to increase leverage in hopes of obtaining higher returns, and the rapid market pullback has led many high-leverage positions to face liquidation.
This significant drop in BTC has triggered a large number of liquidation events. According to data, the total liquidation amount of BTC options contracts in the past 24 hours reached $146 million, with long positions liquidating $116 million and short positions liquidating $30 million, clearly exposing the risks of high leverage operations when prices fluctuate violently.
Image source: Internet
BTC spot ETF net outflow exceeds $400 million
According to AICoin data, yesterday (November 25) the BTC spot ETF experienced a net outflow of $435 million, marking the first net outflow since November 15. The Bitwise ETF BITB had the largest net outflow of $281 million, followed by Grayscale's ETF GBTC, which had a net outflow of $158 million yesterday. GBTC has accumulated a total net outflow of $20.484 billion. It is worth noting that IBIT continues to see a net inflow, with $268 million flowing in yesterday.
Image source: AICoin
The outflow of ETF funds generally reflects investors' concerns about market volatility and indicates a cautious attitude from investors in the face of an uncertain policy environment. Although Bitcoin's position as an investment tool may further solidify in the long run, current market conditions prompt investors to lock in profits and reduce risk exposure when prices are high.
It is noteworthy that although there has been a net outflow of ETFs overall, some investors are still taking advantage of the market pullback to make strategic purchases, especially those institutions and individuals who are optimistic about Bitcoin's long-term performance. This phenomenon reflects the divergence in the market and the competition of different investment strategies.
IG Australia Pty market analyst Tony Sycamore commented on the recent BTC decline, stating that the recent pullback in Bitcoin is 'a much-needed correction to eliminate overbought readings, rather than a reversal or any sinister behavior', adding, 'This also reminds us that the market, even the cryptocurrency market, cannot fluctuate linearly indefinitely.'
Tony Sycamore is optimistic about BTC breaking the $100,000 mark, stating, 'After this pullback, BTC will break $100,000.'
Image source: x
Summary
Data shows that Bitcoin faced resistance when attempting to break the $100,000 barrier, leading to a large number of liquidations, highlighting the high risks and uncertainties in the market. Meanwhile, the net outflow of ETF funds further indicates a cautious attitude from market investors regarding short-term trends. However, relevant analysts are optimistic about BTC's pullback. In this situation, investors need to pay attention to market trends and policy changes, reasonably avoid risks, and achieve stable investment returns.
