Hassan Maishera
TL;DR
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Bitcoin briefly hit the $90k mark before dropping below $88k.
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The wild swing in crypto prices liquidated over $900 million of leveraged positions across all crypto assets.
BTC Briefly Hits $90k
Bitcoin continued its massive rally after hitting the $90k mark a few hours ago. Data obtained from Coinbase indicated that Bitcoin briefly hit the $90,100 mark before recording a massive selloff.
At press time, Bitcoin is trading at $87,756, up less than 1% in the last 24 hours. Bitcoin retraced around 5% to the low-$85,000 level earlier Tuesday, shaking out some late leveraged buyers.
The retracement didn’t last long, with prices quickly rebounding and clinching a new all-time high of $90,100 on Coinbase's BTC-USD pair. BTC has given up some gains and is trading below $88k.
The $90k level presents a challenge for Bitcoin in the near term, as massive sell orders are in this zone. This indicates that Bitcoin’s surge could be halted around the $90k-$100k region.
Data obtained from CoinGlass indicated that the wild price swings liquidated $940 million of leveraged derivatives trading positions across all digital assets over the past 24 hours. This is the largest amount lost by leveraged traders since the August 5 market crash.
With Bitcoin underperforming, most altcoins are in the red. Ether is down nearly 3% in the last 24 hours and trades at $3,243. Solana (SOL) and BNB are down 4% each, while Dogecoin and XRP defy market conditions to add 7% and 13% to their values, respectively.
With the chaotic market conditions, the total crypto market cap has dropped by 2% and now stands at $2.9 trillion.
