{"id":653338,"date":"2024-11-16T10:00:39","date_gmt":"2024-11-16T10:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=653338"},"modified":"2024-11-15T17:50:22","modified_gmt":"2024-11-15T17:50:22","slug":"bitcoin-bears-in-trouble-800-million-set-for-liquidation-if-btc-reclaims-this-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-bears-in-trouble-800-million-set-for-liquidation-if-btc-reclaims-this-price\/","title":{"rendered":"Bitcoin Bears In Trouble: $800 Million Set For Liquidation If BTC Reclaims This Price"},"content":{"rendered":"

Bitcoin (BTC) has been on a tear recently, hitting multiple all-time highs (ATH) levels since Donald Trump emerged victorious in the 2024 US presidential elections. Although the top cryptocurrency has witnessed a slight pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the bears.<\/span><\/p>\n

Bitcoin Bears Could Be Under Trouble<\/span><\/h2>\n

According to <\/span>analysis<\/span><\/a> shared by crypto analyst Ali Martinez on X, more than $800 million is at risk of liquidation if the flagship digital asset reclaims the $93,000 price level. Notably, BTC\u2019s current ATH stands at $93,477.\u00a0<\/span><\/p>\n

\"liquidation\"
Source: ali_charts on X<\/a><\/figcaption><\/figure>\n
Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally<\/a><\/div>\n

At the time of writing, BTC is trading at $89,480, down 1.9% in the past 24 hours. On the 4-hour chart, BTC\u2019s next prominent support level appears to be around the $86,000.\u00a0<\/span><\/p>\n

\"bitcoin\"
BTC trades at $89,480 on the 4-hour chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

The digital asset has already tested this support level three times, and a further dip to this price could send BTC tumbling toward $81,600, its next major support. If BTC fails to hold above $81,600, a decline to $79,700 may follow.<\/span><\/p>\n

While a lower BTC price would favor the bears, a reclaim of the $93,000 level could severely hurt them. Such a move would risk over $800 million in liquidations, potentially forcing bearish traders to capitulate.<\/span><\/p>\n

Data<\/span><\/a> from Coinglass shows that contracts worth more than $508 million were liquidated in the past 24 hours. Of this, $355 million were long, while $153 million were short.<\/span><\/p>\n

\"liquidation
Source: Coinglass<\/a><\/figcaption><\/figure>\n

A recent analysis by prominent crypto analyst @CryptoKaleo <\/span>suggests<\/span><\/a> that Martinez\u2019s warning for bears may be justified. According to @CryptoKaleo, BTC could retrace to $86,000 before embarking on another rally to set new ATHs – possibly beyond $100,000. The analyst stated:<\/span><\/p>\n

Just a little dip and a bit more ranging then send to $100K+. Honestly think this is the best case scenario for alts if we somehow get it. Would look for outperformance while BTC is accumulating around $90K.<\/span><\/p><\/blockquote>\n

What\u2019s Behind BTC\u2019s Run?<\/span><\/h2>\n

Multiple factors have contributed to BTC\u2019s historic price action, including the halving earlier this year, the approval of Bitcoin exchange-traded funds (ETFs), and <\/span>rising<\/span><\/a> institutional adoption of the digital asset.<\/span><\/p>\n

Related Reading: Bitcoin ETFs Surpass 1 Million BTC Holdings In Less Than A Year Since Launch \u2013 Details Inside<\/a><\/div>\n

However, Trump\u2019s win in the 2024 US presidential elections – a result seen as pro-crypto – served as a major catalyst for BTC\u2019s surge. Since Trump\u2019s victory on November 5, BTC has climbed from around $69,000 to a high of $93,000, recording gains of more than 30% in just 10 days.<\/span><\/p>\n

Despite this impressive price rally, experts suggest that BTC may have further room to grow. For instance, a recent research report <\/span>predicts<\/span><\/a> that BTC\u2019s bullish momentum could continue until mid-2025 when it is expected to peak.<\/span><\/p>\n

Additionally, relatively low profit-taking during this bull run could further <\/span>propel<\/span><\/a> BTC to new heights. However, bulls should remain <\/span>cautious<\/span><\/a> of a significant CME gap around the $78,000 level, which could be a magnet for price correction.<\/span><\/p>\n

At the time of writing, the total cryptocurrency market capitalization stands at $2.904 trillion, reflecting a 3.7% decline over the past 24 hours. Meanwhile, Bitcoin dominance is at 60.97%, underscoring BTC’s continued strength in the market.<\/span><\/p>\n

\"market
Total crypto market cap sits at $2.904 trillion on the daily chart | Source: CRYPTOCAP on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, Charts from X, Coinglass, and Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has been on a tear recently, hitting multiple all-time highs (ATH) levels since Donald Trump emerged victorious in the 2024 US presidential elections. Although the top cryptocurrency has witnessed a slight pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the bears. Bitcoin Bears Could Be Under Trouble According to analysis shared by crypto analyst Ali Martinez on X, more than $800 million is at risk of liquidation if the flagship digital asset reclaims the $93,000 price level. Notably, BTC\u2019s current ATH stands at $93,477.\u00a0 Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally At the time of writing, BTC is trading at $89,480, down 1.9% in the past 24 hours. On the 4-hour chart, BTC\u2019s next prominent support level appears to be around the $86,000.\u00a0 The digital asset has already tested this support level three times, and a further dip to this price could send BTC tumbling toward $81,600, its next major support. If BTC fails to hold above $81,600, a decline to $79,700 may follow. While a lower BTC price would favor the bears, a reclaim of the $93,000 level could severely hurt them. Such a move would risk over $800 million in liquidations, potentially forcing bearish traders to capitulate. Data from Coinglass shows that contracts worth more than $508 million were liquidated in the past 24 hours. Of this, $355 million were long, while $153 million were short. A recent analysis by prominent crypto analyst @CryptoKaleo suggests that Martinez\u2019s warning for bears may be justified. According to @CryptoKaleo, BTC could retrace to $86,000 before embarking on another rally to set new ATHs – possibly beyond $100,000. The analyst stated: Just a little dip and a bit more ranging then send to $100K+. Honestly think this is the best case scenario for alts if we somehow get it. Would look for outperformance while BTC is accumulating around $90K. What\u2019s Behind BTC\u2019s Run? Multiple factors have contributed to BTC\u2019s historic price action, including the halving earlier this year, the approval of Bitcoin exchange-traded funds (ETFs), and rising institutional adoption of the digital asset. Related Reading: Bitcoin ETFs Surpass 1 Million BTC Holdings In Less Than A Year Since Launch \u2013 Details Inside However, Trump\u2019s win in the 2024 US presidential elections – a result seen as pro-crypto – served as a major catalyst for BTC\u2019s surge. Since Trump\u2019s victory on November 5, BTC has climbed from around $69,000 to a high of $93,000, recording gains of more than 30% in just 10 days. Despite this impressive price rally, experts suggest that BTC may have further room to grow. For instance, a recent research report predicts that BTC\u2019s bullish momentum could continue until mid-2025 when it is expected to peak. Additionally, relatively low profit-taking during this bull run could further propel BTC to new heights. However, bulls should remain cautious of a significant CME gap around the $78,000 level, which could be a magnet for price correction. At the time of writing, the total cryptocurrency market capitalization stands at $2.904 trillion, reflecting a 3.7% decline over the past 24 hours. Meanwhile, Bitcoin dominance is at 60.97%, underscoring BTC’s continued strength in the market. Featured image from Unsplash, Charts from X, Coinglass, and Tradingview.com<\/p>\n","protected":false},"author":619,"featured_media":653348,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,532,1119,93374,78790,82779,82635,1558,15385],"class_list":["post-653338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-etf","tag-btc","tag-btc-liquidation","tag-btcusdt","tag-crypto-market-cap","tag-cryptocap","tag-cryptocurrency","tag-digital-asset"],"acf":[],"yoast_head":"\nBitcoin Bears In Trouble: $800 Million Set For Liquidation If BTC Reclaims This Price<\/title>\n<meta name=\"description\" content=\"Although Bitcoin has witnessed a pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the 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Ash\u2019s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash\u2019s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. 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