CasinoColada – New Bitcoin price slumps
Bitcoin faced another day of volatility as its price dipped to $36,470, marking a significant drop of over $1,000 within a single day, based on the latest data from Cointelegraph Markets Pro and TradingView. This downward movement followed a series of events from earlier in the week, where bullish attempts to establish new highs as support failed, leading to a wave of long liquidations. For the latest news and new online casinos, make sure you stick with CasinoColada.
Despite experiencing fewer liquidations on the specific day, approximately $21 million worth of Bitcoin longs were wiped out at the time of writing. This was a notable decrease compared to the staggering $120 million liquidated on November 14. Commenting on the current market conditions, various market participants observed the recurring nature of Bitcoin’s price action, leaving the door open for the possibility of both new highs and a deeper retracement.
“While I maintain my view that the market is due for a correction, we still can’t rule out the possibility of another attempt at the $38k – $40k range,” noted on-chain monitoring resource Material Indicators in a recent analysis. The report added that potential news regarding the approval of the first United States Bitcoin spot price exchange-traded fund (ETF) could serve as a likely catalyst for a significant market move. However, concerns were raised about time constraints due to regulatory processes, limiting the window for such developments.
A closer look at BTC/USDT order book liquidity revealed the emergence of sell-side liquidity at $38,000, while complementary bid volume was primarily concentrated at $33,000. Despite the micro-level movements within the market, the broader picture remained relatively calm on the day. U.S. dollar weakness reentered the scene, counteracting a recovery from a substantial drop witnessed on November 14.
This shift in the U.S. dollar’s strength was triggered by positive U.S. inflation data, surpassing market expectations and delivering a favorable surprise for risk assets. The U.S. dollar index (DXY) found itself back near 104, approaching its lowest levels since the beginning of September. Traders reacted to this development, with popular trader Bluntz expressing a lack of surprise and anticipating further downward movement for the DXY.
CasinoColada – The Future Anticipation
The multifaceted nature of Bitcoin’s recent price fluctuations underscores the ongoing uncertainty and volatility within the cryptocurrency market. The impact of factors such as long liquidations, the potential for retracement, and the looming possibility of a Bitcoin spot price ETF approval in the U.S. contribute to a complex and dynamic trading environment.
As market participants navigate these variables, the return of U.S. dollar weakness and its consequential influence on risk assets highlight the interconnected nature of global financial markets. The nuanced interplay between macroeconomic factors, regulatory developments, and market sentiment continues to shape the trajectory of the cryptocurrency market, emphasizing the need for vigilance and adaptability among traders and investors alike.