While the price of Bitcoin had managed to return beyond $100,000 and approach $103,000, the price is showing red today. Indeed, since that night, the sellers have regained control, and they have managed to bring BTC back below $100,000. BTC even fell below $98,000, and this caused liquidations in the cryptocurrency market. We take stock.
Bitcoin and altcoins see red over the last 24 hours
The king of cryptocurrencies displays a drop of more than 3.5% over the last 24 hoursand it contaminated altcoins. Indeed, all sectors listed by The Block follow Bitcoin :
The sector the most affected is that of memecoins (-8%)but it is followed very closely by small capsand by tokens belonging to the sector of DeFi and the ETH ecosystem. New year for cryptos but altcoins continue to correct more severely than BTC.
BTC Fall Leads to Over $350 Million in Liquidations
When the volatility takes over the cryptocurrency market, traders often tend to leave feathers. And this time, it’s more than $350 million in liquidations which are registered on the market:
Looking at the general trend of Bitcoin, traders tend to go long (bet on buying). It is therefore rather logical to see that it is mainly the buyers who were trapped during this decline. In fact, there are more than 300 million liquidations on the long side. And – only – $60 million in shorts (sale).
The price of Bitcoin begins the year with uncertainty. Although buyers briefly propelled BTC past $100,000 yesterday, today’s session has already wiped out the entirety of the previous day’s gains. In the wake of the fall of Bitcoin, altcoins are experiencing a brutal correction. Despite everything, according to Arthur Hayes’ crystal ball, BTC could find a peak in March.
An oenologist by training, I traveled to different countries and discovered Bitcoin and cryptocurrencies. I have trained in Technical Analysis in particular and I want to share my knowledge. I will continue to learn and share.
