What the hell, where did Bitcoin come from? My stop loss at 93,000 got wiped out, this drop is a bit harsh. There are two days left until Thanksgiving, Americans have cashed out for the New Year, this drop is very similar to the one in 2020, both went up and doubled before dropping, and then started to rebound after December.
In the past 24 hours, the crypto market has seen over $518.83 million liquidated, with long positions accounting for $389.3 million and short positions for $129.04 million. According to Odaily Planet Daily, Glassnode data shows that long-term Bitcoin holders have begun to sell off in large quantities, with monthly sales reaching the highest level since April 2024, totaling 366,000 BTC. Among long-term holders, the group holding coins for 6 to 12 months has the highest selling proportion, averaging 25,600 BTC sold per day, dominating most of the recent selling activity.
Today's market trend indicates that the preference for funds has gradually shifted from short-term spot trading and leveraged long positions to the short camp. As liquidations intensify, short positions have surged, and financing rates have risen from 0.019% to a peak of 0.04%, indicating an increased market expectation for future Bitcoin price declines.
According to liquidation chart data, the current Bitcoin price has fallen below the key support level of $94,000, triggering a wave of forced selling. If the Bitcoin price further dips to $90,000, the market may see a rebound.
Currently, the short-term support levels are 92,580 and 90,000. If it continues to drop below 92,580 today, one could consider buying at 90,000. The lowest I foresee is around 87,500; if this level is breached, it would not just be a correction but a downtrend. The short cycle is still in a correction trend, and there has been no sign of a stop in decline. My current view remains to look for rebounds at support levels in preparation for a push towards 100,000.
I also didn't escape from this market crash, so it’s really important to set a stop loss. Let's see where Bitcoin's correction will go, and buy on the dip.