{"id":1377,"date":"2024-11-16T19:13:08","date_gmt":"2024-11-16T19:13:08","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-bears-in-trouble-800-million-set-for-liquidation-if-btc-reclaims-this-price\/"},"modified":"2024-11-16T19:13:08","modified_gmt":"2024-11-16T19:13:08","slug":"bitcoin-bears-in-trouble-800-million-set-for-liquidation-if-btc-reclaims-this-price","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-bears-in-trouble-800-million-set-for-liquidation-if-btc-reclaims-this-price\/","title":{"rendered":"Bitcoin Bears In Trouble: $800 Million Set For Liquidation If BTC Reclaims This Price"},"content":{"rendered":"

Bitcoin (BTC) has been on a tear recently, hitting multiple all-time highs (ATH) levels since Donald Trump emerged victorious in the 2024 US presidential elections. Although the top cryptocurrency has witnessed a slight pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the bears.<\/p>\n

Bitcoin Bears Could Be Under Trouble<\/h2>\n

According to analysis<\/a> shared by crypto analyst Ali Martinez on X, more than $800 million is at risk of liquidation if the flagship digital asset reclaims the $93,000 price level. Notably, BTC\u2019s current ATH stands at $93,477.\u00a0<\/p>\n

\"liquidation\"<\/p>\n

At the time of writing, BTC is trading at $89,480, down 1.9% in the past 24 hours. On the 4-hour chart, BTC\u2019s next prominent support level appears to be around the $86,000.\u00a0<\/p>\n

\"bitcoin\"<\/p>\n

The digital asset has already tested this support level three times, and a further dip to this price could send BTC tumbling toward $81,600, its next major support. If BTC fails to hold above $81,600, a decline to $79,700 may follow.<\/p>\n

While a lower BTC price would favor the bears, a reclaim of the $93,000 level could severely hurt them. Such a move would risk over $800 million in liquidations, potentially forcing bearish traders to capitulate.<\/p>\n

Data<\/a> from Coinglass shows that contracts worth more than $508 million were liquidated in the past 24 hours. Of this, $355 million were long, while $153 million were short.<\/p>\n

\"liquidation<\/p>\n

A recent analysis by prominent crypto analyst @CryptoKaleo suggests<\/a> that Martinez\u2019s warning for bears may be justified. According to @CryptoKaleo, BTC could retrace to $86,000 before embarking on another rally to set new ATHs – possibly beyond $100,000. The analyst stated:<\/p>\n

\n

Just a little dip and a bit more ranging then send to $100K+. Honestly think this is the best case scenario for alts if we somehow get it. Would look for outperformance while BTC is accumulating around $90K.<\/p>\n<\/blockquote>\n

What\u2019s Behind BTC\u2019s Run?<\/h2>\n

Multiple factors have contributed to BTC\u2019s historic price action, including the halving earlier this year, the approval of Bitcoin exchange-traded funds (ETFs), and rising institutional adoption of the digital asset.<\/p>\n

However, Trump\u2019s win in the 2024 US presidential elections – a result seen as pro-crypto – served as a major catalyst for BTC\u2019s surge. Since Trump\u2019s victory on November 5, BTC has climbed from around $69,000 to a high of $93,000, recording gains of more than 30% in just 10 days.<\/p>\n

Despite this impressive price rally, experts suggest that BTC may have further room to grow. For instance, a recent research report predicts that BTC\u2019s bullish momentum could continue until mid-2025 when it is expected to peak.<\/p>\n

Additionally, relatively low profit-taking during this bull run could further propel BTC to new heights. However, bulls should remain cautious of a significant CME gap around the $78,000 level, which could be a magnet for price correction.<\/p>\n

At the time of writing, the total cryptocurrency market capitalization stands at $2.904 trillion, reflecting a 3.7% decline over the past 24 hours. Meanwhile, Bitcoin dominance is at 60.97%, underscoring BTC’s continued strength in the market.<\/p>\n

\"market<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has been on a tear recently, hitting multiple all-time highs (ATH) levels since Donald Trump emerged victorious in the 2024 US presidential elections. Although the top cryptocurrency has witnessed a slight pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the bears. Bitcoin Bears Could Be…<\/p>\n","protected":false},"author":1,"featured_media":1378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[56,495,55,61,928,62,929,930,95,96],"class_list":["post-1377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-btc","tag-btc-liquidation","tag-btcusdt","tag-crypto-market-cap","tag-cryptocap","tag-cryptocurrency","tag-digital-asset"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=1377"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/1378"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=1377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=1377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=1377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}