Traders experienced significant turbulence as over $500 million was liquidated from the crypto market within 24 hours, influenced by volatile Bitcoin prices. Long traders faced the biggest impact, losing over $366 million, while short traders lost more than $129 million during the same period.
This market shift coincided with Bitcoin's price dropping sharply from approximately $98,000 to $95,500. However, a rebound soon followed, pushing the price back above $98,000. Such fluctuations have been a trend since Bitcoin approached the $100,000 mark in late November.
Anticipating the $100,000 milestone, some investors sought profit-taking opportunities, while others, including major players, accumulated more Bitcoin. Marathon Digital notably purchased a substantial amount, valuing at hundreds of millions.
Despite possible short-term tops, analysts remain optimistic, suggesting further price rises. Predictions include Bitcoin reaching $180,000, buoyed by a positive trend on indicators like SuperTrend and RSI.
Crypto analyst Ali Martinez indicated a potential breakout to $100,000, supported by growing greed among long-term holders. Historical trends imply that the peak might not occur until mid-2025, during a potential bull market climax.
Source: www.newsbtc.com ↗