Bitcoin Price Abruptly Drops Below $50,000 — Here Are The Driving Factors

Bitcoin Price Abruptly Drops Below $50,000 — Here Are The Driving Factors
фото показано с : zycrypto.com

2021-12-28 12:09

Key Takeaways

Recent Bitcoin price volatility has been thanks to long position liquidations according to an on-chain analyst.Despite this, market sentiments are “semi-bullish.”Bitcoin price predictions for 2022 are still very optimistic. 

The price of Bitcoin has been fluctuating in the past few days. Within the course of a few hours, the price rose to over $51,700 and abruptly dropped to as low as $48,200.

The driving force of the volatility seems to be emanating from liquidations happening in the derivatives market. According to a Bitcoin on-chain analyst who goes by the moniker “On-Chain College” on Twitter, in the last few hours, the price of Bitcoin has been dropping as long positions get liquidated.

Chart by @OnChainCollege

Bitcoin liquidations data from Coinglass also supports this as it shows that over 75% of liquidations in the 24 hours time frame occurred in the last 12 hours. Out of $94.10 million worth of Bitcoin liquidations on the day, $71.04 million were liquidated in the last 12 hours with 89.5% of them representing long liquidations. 

The price slump hasn’t affected bullish sentiments

Consequent to the liquidations, the price of Bitcoin has dropped around 3.1% in the last 24 hours to be trading at $49,414. 

BTCUSD Chart by TradingView

Regardless of the price drop, market sentiments have continued to remain “semi-bullish” per data from Santiment, a crypto social metrics tracker. According to Santiment, the fact that the circulation of Bitcoin is holding steady with prices under $50,000 is encouraging and implies that it “is remaining at a justifiable level” when compared to its market cap. The metric they use to judge this is the Network Value to Transactions (NVT) Ratio which they utilize to get insight into the fair value of cryptocurrencies.

Data Via Santiment

This is a good thing for the market as it is likely the price will bounce back up even as market sentiments become more bullish. 

Expectations for Bitcoin in the coming year

Despite the recent price volatility of Bitcoin, many crypto experts are still bullish on Bitcoin according to a report from Next Advisor who rounded up the opinions of crypto market analysts. Several of them have revealed that they expect the price of Bitcoin to still surpass $100,000, but have placed varying time frames on when this could happen. The more conservative analysts including Ian Balika, the founder of Token Metrics, and Jurrien Timmer, director of global macro at Fidelity Investments, believe it may take Bitcoin up to 2023 to reach $100,000. 

In contrast, more bullish analysts, like Kate Waltman who is a public accountant, have noted that the price of Bitcoin could reach $100,000 in the first quarter of 2022. Mathew Hyland, a technical analyst is even more optimistic with his expectation that the price will reach $250,000 in January 2022. He believes that the price will cross $100,000 and then advance rapidly to $250k as FOMO kicks in.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

bitcoin price market sentiments despite analyst according

Источник: zycrypto.com

bitcoin price → Результатов: 126


Фото:

Bitcoin Slips Under $67,000: Can BTC Rely On This Historical Support Again?

Bitcoin has observed a plunge during the past day, taking the asset’s price under $67,000. Here’s the historical support level that the asset could visit next. Bitcoin Is Now Not Far From The Short-Term Holder Realized Price As analyst James Van Straten pointed out in a post on X, the Realized Price of the Bitcoin Short-Term Holders has been going up recently and currently sits around the $64,000 level.

2024-6-12 22:00


Bitcoin Price Prediction: Expert Spotlights “Very Good” BTC Buying Opportunity Amid Ethereum (ETH) ETF Frenzy – Here’s His Outook

Bitcoin’s price trajectory remains a topic of intense speculation, with analysts closely monitoring market patterns and key events. In a video analysis, top analyst Crypto Rover delved into Bitcoin’s price trends, potential breakout scenarios, and the impact of the upcoming Ethereum spot ETF decision.

2024-5-20 18:30


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Resurgence: Ready for Another Upswing?

Bitcoin price stayed above the $68,500 support zone. BTC is now consolidating and might aim for a fresh increase above the $70,150 resistance. Bitcoin found support near $68,500 and started a decent recovery wave.

Bitcoin Price Turns Green: Poised for a Major Upswing

Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term. Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.

Bitcoin Price Gains Momentum: Bullish Surge Ahead?

Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term. Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.