Bitcoin Experiences Volatile Fluctuations Amidst Massive Liquidations
By: Eva Baxter
Bitcoin's price journeys through a roller coaster, fluctuating extensively over the recent period. As the cryptocurrency crosses the $98,000 mark, it experiences significant pullbacks, propelling both long and short position liquidations which altogether have approached $500 million.
In the recent 24 hours alone, the intense price oscillation has resulted in over $500 million of positions being liquidated across the cryptocurrency market. According to data, over $366 million in long positions have endured, alongside $129 million in short positions, marking a substantial loss for traders during this unstable phase.
Initially priced near $98,000, Bitcoin's valuation plunged to approximately $95,500 before regaining its ground, reaffirming its standing over the $98,000 threshold. This volatile behavior follows the cryptocurrency's recent brush with the crucial $100,000 milestone, witnessed on November 23. Subsequent major pullbacks followed by swift recoveries noted amid attempts by investors to lock in profits as Bitcoin approaches the notable price level.
This volatile disposition comes with significant activity from stakeholders, including significant market actors or 'whales'. A robust purchase spree has materialized recently where $3.96 billion worth of Bitcoin was acquired in about 96 hours. Notable within this wave of purchasing activity is the acquisition of 5,771 BTC, corresponding to $572 million, by Bitcoin mining company Marathon Digital, at an average cost of $95,554 per Bitcoin.
Apprehensions linger about whether the current peak price might represent a local top though the cryptocurrency is anticipated to still forge higher. This optimism is echoed by asset manager predictions sighting Bitcoin's potential reach to $180,000. A noted Crypto analyst, leveraging the SuperTrend indicator and observed changes in the Relative Strength Index (RSI), voiced expectations for Bitcoin reaching the $100,000 level imminently.
The perspective shared by long-term holders alludes to an ongoing bullish trend suggesting a prolonged growth period akin to historic patterns potentially running until mid-2025. Undoubtedly, Bitcoin remains resilient within its current valuation at approximately $98,300.
