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Bitcoin (BTCUSD) pared some of its gains after hitting a fresh all-time high of $99,800 due to profit booking and is currently trading around $92,387.
Impact of Leverage Overheating
Recent data shows that the cryptocurrency market is dealing with leverage overheating, meaning many traders are using borrowed money to invest, leading to high risk. This situation has caused Bitcoin's price to drop below $93,000 after nearing $100,000 earlier this week. Many traders are liquidating their positions, resulting in about $150 million in Bitcoin being sold in just one day. Despite this pullback, experts believe the overall bull market for Bitcoin is still strong, and there is potential for a rebound as long-term holders continue to buy. Overall, while short-term corrections are common, the long-term outlook for Bitcoin remains positive.
Selling Pressure and Profit-Taking
Bitcoin (BTC) is facing significant price swings, with its price dropping below $93,000, a nearly 5% decline in one day after reaching an all-time high of about $99,588. This pullback is due to leverage overheating, where many traders are using borrowed money, increasing the risk of liquidations, which total around $150 million in just 24 hours. Additionally, as Bitcoin neared $100,000, many investors started taking profits, leading to increased selling. The Spent Output Profit Ratio (SOPR) shows that most transactions are profitable, indicating many investors are cashing out.
Major Outflows from Bitcoin ETFs
This week, Bitcoin exchange-traded funds (ETFs) saw large outflows, with U.S. spot Bitcoin ETFs losing about $435 million on November 25, 2024, ending a streak of $3.3 billion in inflows. Major contributors to these outflows included Bitwise's BITB ($280.7 million) and Grayscale's GBTC ($158.2 million). In contrast, BlackRock’s IBIT ETF gained about $268 million in inflows, showing continued interest from some investors. The outflows are largely due to profit-taking as investors cash in on recent gains after Bitcoin neared $100,000.
Technical Analysis and Support Levels
BTCUSD trades above the short-term moving averages (34-EMA and 55-EMA) and the long-term moving average (200-EMA) on the daily chart. Minor support is at $91,445; any break below this level will target $90,000, $86,300, $80,000, or $75,800.
Bullish Outlook and Investment Strategy
In a bullish scenario, the primary supply zone is at $100,000. A break above this level would confirm intraday bullishness, with a potential jump to $110,000. A secondary barrier at $110,000 suggests that a close above this level could target $135,000. Indicators on the 4-hour chart, such as a bullish Commodity Channel Index (CCI) and Average Directional Movement Index, support this positive outlook. An investment strategy could involve buying on dips around $80,000, with a stop-loss set around $76,000 for a target price of $135,000.
