Bitcoin unexpectedly fell under $92,000 on Nov. 25. Do bulls still have a chance to rally to $100,000?
Bitcoin (BTC) faced an 8.2% pullback over four days after reaching its all-time high of $99,609 on Nov. 22. This decline led to $250 million in liquidations of bullish leveraged positions but failed to induce panic or push key metrics into bearish territory.
Bitcoin futures aggregate liquidation, USD. Source: CoinGlass
For perspective, the 22.6% price surge between Nov. 9 and Nov. 13 resulted in $342 million in buyer liquidations through BTC futures contracts, as indicated in the purple zone. Thus, the latest price correction does not necessarily signal a trend reversal but reflects temporary excessive leverage among derivatives traders.
