Bitcoin drops below $100K to $99,404, facing a potential pullback to $87K. Amid $288M in liquidations, will Bitcoin reach $120K by December?
With the sudden increase in fluctuation in Bitcoin near the $100,000 milestone, the crypto market is witnessing a surge in volatility. Bitcoin BTC $99 566 24h volatility: 0.1% Market cap: $1.97 T Vol. 24h: $79.82 B price has lost the $100,000 mark and is trading at $99,404, with a minor pullback of 0.32% over the past 24 hours.
The intraday pullback of 1.74% in Bitcoin has significantly lowered the total crypto market, losing $62.89 billion in valuation. The total crypto market cap is currently at $3.55 trillion, down from the 24-hour high of $3.62 trillion.
Bitcoin price action in the daily chart showcases a bearish turnaround from a local resistance line. This reversal marks the negative cycle within the rising wedge pattern.
The intraday pullback of 1.74% undermines the slow recovery over the weekend and starts the week on a bearish note. Despite the pullback, Bitcoin market cap is $1.96 trillion, with a surge of 2.57% over the past week.
Photo: TradingView
The overall sentiment of the rising wedge pattern is bearish as it reaches the bottleneck part. This warns of a pullback to the next crucial support at the center pivot level priced at $87,680.
Hence, the current price trend projects a pullback of nearly 12%.
Amid increased supply pressure, the market witnessed liquidations of $290.39 million over the past 24 hours. This comprises $217.71 million in long liquidations, reflecting the pullback in the broader market.
The Bitcoin open interest remains at $61.5 billion, with the top traders maintaining a bullish long/short ratio over Binance and OKExchange. However, over the past 24 hours, the $41 million liquidation in Bitcoin was driven by the $23.32 billion loss in long liquidations.
Despite the intensifying bearish clouds over the short term, the growing institutional support is one of the key driving factors. As the US spot Bitcoin ETFs register a surge in net inflows, the BTC price is expected to surge.
Over the past week, the total Bitcoin spot ETF net inflow registered a peak of $2.73 billion. This is the second-largest net inflow two weeks after the $3.38 billion inflows amid the Trump hype.
According to Bitcoin’s Monthly Returns data, a positive November has mostly led to a positive December, as it mostly did. In the past 10 years, Bitcoin has had the same color (monthly).
Furthermore, during most of November, when Bitcoin reached a peak of 20% or more, the BTC price significantly jumped, reflecting a trend continuation. In November 2015, when BTC jumped 19.27%, the trend continued with a 13.83% surge in December.
In November 2017, the 53.48% rise resulted in a nearly 39% surge by the end of 2017. In the 2020 BTC halving year, the 42.95% surge in November was followed by a 46.92% rally in December.
Based on this pattern, the 37.29% surge in November suggests an increased likelihood of an intense rally to the end of 2024. A similar surge in December will see the BTC price surpass the $120,000 barrier.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
