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Bitcoin failed to break key resistance over the weekend and slumped almost 5% in just three hours on Sunday.
Bitcoin spent the weekend in a daze, hovering around $91,500, seemingly prepping for a month-end push. Then, BAM! A sudden plunge on Coinbase sent shivers down traders’ spines, with the price cratering to $86,950, according to Tradingview.
After a month in the red, Bitcoin flashed a hopeful green signal, only to stumble. Tradingview data reveals BTC closed the week at $90,411, a near 5% pullback that dampened the celebratory mood.
“The crypto markets have once again fallen victim to the notorious weekend curse, with Friday and Sunday nights proving to be volatile periods for digital assets. The Kobeissi Letter noted the latest dip occurred without a clear trigger, leaving investors scratching their heads as to the cause.”
BTC dumps $4,500 in Sunday slaughter. Source: TradingView
More leverage has been liquidated
Kobeissi pinpointed the culprit: a tidal wave of sell orders crashing ashore, triggering a chain reaction of liquidations. This domino effect, fueled by unprecedented levels of leveraged bets, turned a market tremor into a full-blown earthquake.
“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
Crypto markets just witnessed a bloodbath. Over $539 million vanished in a 24-hour liquidation frenzy, CoinGlass reports. The carnage was swift and brutal, concentrated in the last few hours. A staggering 180,000+ traders got rekt, with nearly 90% betting on Bitcoin and Ether soaring higher. The bulls got stampeded.
Worst November since 2018
Bitcoin just endured its roughest month this year, and a November to forget. CoinGlass reports a 17.49% plunge, marking its worst November since the bear market of 2018, when it plummeted a staggering 36.57%.
Analyst “Sykodelic” remained bullish, stating, “This is actually a great start to the month.”
Forget the Sunday pump and that filled CME gap. Big money ($400 million worth!) just bet big on a bullish surge. But here’s the kicker: before any upward momentum, the market vacuumed up all the available sell orders. Consider that downside liquidity GONE, priming the rocket for liftoff.
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