Originally published on: November 26, 2024
Bitcoin saw a slight recovery on November 26 following a turbulent day that saw over $500 million in crypto longs liquidated. The price bottomed out at $92,600 on Bitstamp, signaling a potential turning point for the market.
Despite a $5,000 drop in BTC/USD over a single candle on November 25, a minor bounce back did little to reassure traders. Analysts like Keith Alan and Trader Skew emphasized the importance of the $92.5K – $92K range, considering it a critical level for Bitcoin bulls to defend.
Skew pointed out that $92,500 could be the deciding factor between a corrective phase and a further rally. Notably, the recent pullback mirrored previous price action around $93,500 earlier in the month.
While over $500 million in crypto liquidations occurred in a 24-hour period, experts like Sina and Axel Adler Jr. highlighted the need for caution. Despite the recent deleveraging, overall leverage in the market remains high.
Sina suggested that Bitcoin could target $100,000 again if funding rates remained stable, while Adler warned investors to remain vigilant due to prevailing high leverage levels.
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