"November's down only start has been absolutely brutal for crypto markets. Bitcoin is approaching levels not seen since June of this year, and looks to fully retrace the gains made in Q3 and early Q4. In the last 24 hours, over $550m in bitcoin has been liquidated, with nearly $1.8b getting eviscerated in all crypto markets. Bitcoin is trading below $100,000, an incredibly important price level."
"Markets have a thing for even numbers, they are pleasing to the eye and reward system of the human mind. $100,00 was once an ambitious and nearly unfathomable price goal, and now represents an ever so important level for bitcoin to hold, or the cries for crypto winter will grow louder and louder. Once again, Ethereum is down even worse than bitcoin on the day, rapidly approaching the $3,000 level."
November began as a down-only period, producing severe losses across cryptocurrencies. Bitcoin has fallen to levels not seen since June, retracing Q3 and early Q4 gains, with over $550m of bitcoin liquidated in 24 hours and nearly $1.8b wiped from all crypto markets. Bitcoin trades below the psychologically important $100,000 level. Ethereum has declined more sharply, nearing $3,000 — its lowest since July — and traders are positioning for lower prices into year-end, with December 26 put option volume increasing below $2,000. On-chain participants may need to unwind or repurchase shares to avoid mNAV discounts, creating reflexive sell pressure. Positive news and catalysts are required to stop the downward trend.
Read at 24/7 Wall St.
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