Summary of Bitcoin Decline
Bitcoin's slip below $88,000 on Sunday morning puts the market in a "no Santa rally" zone this year, and forecasts suggest that December may be "coal" more than "candy" for traders.
Key points about the decline and its impact:
• Liquidation of positions and futures volatility: The drop caused confusion and panic among derivatives traders with fluctuating open interest, leading to significant waves of long liquidations.
• Structural pressure factors: Analysts attribute this decline to a general onset of risk avoidance in December, weak inflows to Bitcoin exchange-traded funds (ETFs), and an absence of dip buyers.
• Short-term bearish trend: After failing to hold above key resistance levels, Bitcoin faces increasing pressure to confirm a short-term bearish trend.
• Next support levels: Traders are watching the next key support level at $87,000 or even $80,000, where it may be determined whether the current correction is a pause or a deeper trend reversal.
BTC
91,420.01
