Bitcoin was unable to overcome key resistance at the weekend, and fell almost 5% within just three hours of Sunday.
Coinbase suddenly reduced the price of this asset to $86,950 after it had traded around $91,500 over the weekend. according Tradingview is a great trading platform.
Bitcoin fell almost 5% following the close of its first weekly green candle in four weeks.BTCTradingview reports that the market ended last week with a value of $90,411.
“As seen countless times this year, Friday night and Sunday night often come with large crypto moves,” The Kobeissi letter was observed adding There was no obvious catalyst for the decline.
The leverage of the company has increased
Kobeissi blamed a flash crash. “sudden rush of selling volume, which led to a domino-effect sell-off, which is only amplified by the historic amounts of levered positions being liquidated.”
“This crypto ‘bear market’ is still structural in nature. We do NOT view this a fundamental decline.”
Related: Bitcoin 2022 bear market correlation hits 98% as ETFs add $220M
CoinGlass reports that more than 180,000 traders liquidated their positions in the past day. Total liquidations were $539 million, the bulk of which occurred within the past few minutes. Nearly 90% of these liquidations involved long positions, primarily in BTC or Ether.ETH).
The Worst Month Since 2018
Bitcoin experienced its worst monthly performance of the year. worst November CoinGlass reports that the performance has been down since 2018. The month ended with a 17.49% decline. In November 2018, the asset fell 36.57% during a bear market.
If you are interested in learning more about the Analyst Program, please click here. “Sykodelic” Stay bullish stating, “This is actually a great start to the month.”
No Sunday pump was held. CME gap Already closed and 400 million dollars in longs were taken, he stated. “Downside liquidity swiped first, which is what we want to happen.”
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Source: cointelegraph.com
