Bitcoin drops to $ 92,000

The price of bitcoin fell to $ 92,600, setting a local low. This follows a sharp decline of $ 5,000 overnight on November 25, which led to the liquidation of more than $ 500 million in cryptocurrency positions.

Traders call the range of $ 92,000-$ 92,500 the key to holding the price. Popular analyst Skew noted that the loss of this level could trigger a new wave of cryptocurrency sales.It is reported that over the past 24 hours, liquidation of cryptocurrency positions amounted to more than $ 525 million. In particular, most long positions were liquidated, which put pressure on the price of bitcoin.

Experts warn that the high level of leverage in the market remains dangerous.

According to analysts, the key long positions have been formed at $ 93,000, which may give bears a chance for a further decline before a new price recovery.

Despite the significant drop, some analysts believe that bitcoin could return to the $ 100,000 mark if market conditions, such as position funding, remain stable.

At the same time, such a recovery would require overcoming strong resistance at $ 97,000, where shorts worth $ 1.5 billion have been accumulated.

The market remains tense, and the price of bitcoin remains at risk of further corrective decline.

At the time of writing, bitcoin’s price reached $ 93,576, its market capitalization is $ 1.85 trillion, and daily sales reached $ 88.16 billion.

Earlier it was reported that bitcoin dropped to $ 94,500 after reaching a high last week. Experts attributed this to a large-scale outflow of funds from exchange-traded funds (ETFs) based on this cryptocurrency in the United States.