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Bitcoin Fails To Rise Back To $100k
Despite the brief rally yesterday, Bitcoin has failed to regain its footing above the psychological barrier of $100,000. The price has stabilized around the $97,536 level, leaving investors with more questions than answers.
Market Analysis:
The recent drop below the important $100k mark has seen a massive increase in liquidations, with 296,631 traders losing positions in the past 24 hours alone. This unprecedented number of liquidations has led to an astonishing $831.74 million being washed out of the market.
In addition, the data suggests that there are still many traders who are holding on to their long positions despite the prolonged bearish momentum. This lack of understanding of the current market conditions is staggering and highlights the need for investors to re-evaluate their risk management strategies.
Furthermore, the MACD histogram has shown a reduction in selling pressure, which may encourage some investors to buy. However, it is crucial to note that such a sudden surge could be nothing more than a short-term correction before another leg down.
Market Outlook:
In conclusion, if Bitcoin fails to break above its current resistance, we can expect the market to continue its downward trajectory. A potential collapse below $90,000 would likely trigger a panic sell-off, resulting in widespread losses across the board for many altcoins.
As such, it is crucial for investors to exercise extreme caution and avoid making impulsive decisions based on short-term price movements.
Source: coinpedia.org
