- BTC dropped under $100K, triggering large transactions across the crypto market and affecting investor sentiment.
- Analysts suggest Bitcoin may need to retest $87K support to stabilize and avoid future sharp price corrections.
- Liquidations hit $470M, with long and short positions combined while altcoins suffered most losses amid market turbulence.
The token slumped below $100,000 on Nov. 24, triggering sales worth $470 million across the crypto market. Long positions accounted for $352.6 million of the total liquidations, while short positions reached $119.9 million, according to CoinGlass data.
Altcoins Experience High Demand Amid Bitcoin Decline
Alternative tokens faced heavy losses as Bitcoin’s price pulled back. Liquidations in Dogecoin, XRP, and Stellar totaled $33.1 million, $27.6 million, and $21.6 million, respectively.
Other coins like Solana, Sandbox, Polkadot, and Cardano also recorded notable losses after recent value surges. Stellar had gained 50 percent during the earlier rally, while Dogecoin reached its highest level since May 2021, supported by growing investor interest. These sell-offs came after altcoins from the 2020-2021 cycle outperformed expectations, benefiting from increased market activity before Bitcoin’s retreat.
Bitcoin Pulls Back Below Key Psychological Level
BTC retraced to $96,355 after failing to break $100,000, falling by over $60 billion in market capitalization over the weekend. The cryptocurrency first dropped to $98,000, but further losses brought it below $96,000. Its current market cap has fallen below $1.9 trillion as investors weigh their next moves.
Despite recent highs, the pullback is viewed as a normal adjustment as the market consolidates gains after an intense rally.
Will Bitcoin Revisit $87,000 Before Another Rally?
Analysts suggested Bitcoin may need to retest support near $87,000 before surpassing $100,000 to avoid larger retracements. Without a support test, Bitcoin could face increased risks of sharp price corrections, even if it successfully crosses the psychological milestone.
This raises a critical question: Will Bitcoin stabilize and consolidate before making another attempt at its historic price level? Market participants remain cautious as they monitor key support levels while assessing future movements in the volatile crypto market.
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