Over the weekend, Bitcoin saw a significant decline, falling by $4,000. This sudden drop led to $527 million in liquidations and impacted around 177,000 traders. The decrease wasn’t due to fundamental issues; instead, it was caused by low liquidity during the weekend and high leverage in futures markets.
Important support areas to monitor include the $84K–$86K range, associated with ETF average costs, and the $80K–$82K area, linked to the short-term holder’s realized price. As the Federal Reserve plans to end Quantitative Tightening on December 1, a potential interest rate cut is also anticipated.
Experts view this situation as a temporary setback, presenting a potential buying opportunity for BTC and other major cryptocurrencies.
