Bitcoin drop to $97k as the market liquidated $565 million
The post Bitcoin drop to $97k as the market liquidated $565 million appeared on BitcoinEthereumNews.com.
Bitcoin shrank under the $100,000 psychological level after hitting a new all-time high yesterday; the Bitcoin market was liquidated to more than half of a billion dollars just in a day. The crypto market has seen massive market liquidations of up to $565 million on Bitcoin (BTC) alone, as the coin reached a new all-time high of $103,900 on Dec. 05. The total of the day’s market liquidations reached $1.09 billion, which was led by Bitcoin and followed by other crypto, including others’s $120 million, Ethereum (ETH) $107 million, and Ripple’s token (XRP) $54 million. 24 Hours Market Liquidations Map, December 06, 2024 | Source: CoinGlass MacroCRG, in his X post on Dec. 06, says this is “the biggest liquidation event since August”. The managing partner of Hartmann Capital, Felix Hartmann, in his X post, also noted that this first flush of the market after reaching the new price had a 70% chance to end and 30% to go lower. Bitcoin price movement and projection After weeks of stumbled price, Bitcoin reached the $98,000 level yesterday. Suddenly, the price breaks the target of $100,000 as the market expected to happen before 2024 end. The price rose again and made a new all-time high of $103,900 after a surge of more than 5% in a day. The U.S. President-elect Donald Trump even celebrates the event by congratulating the Bitcoiners on his X’s post. CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again! Donald Trump Truth Social 07:55 AM EST 12/05/24 @realDonaldTrump — Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) December 5, 2024 The liquidations show the market enthusiast, but another price target is still a long way to go. Bernstein Research has an ambitious, bullish target price for 2025 of $200,000. This projection has been updated from…
Filed under: News - @ December 6, 2024 1:15 am