[Comparative to Daily Market News] LTH quietly left the market, and BTC fell below 93,000 US dollars under short-term pressure

On Monday, safe-haven assets fell under pressure.US stocks rose moderately.Along withInvestors await PCE data andFederal ReserveFOMC minutes, andThe US Thanksgiving holiday is approaching, market trading is light, and traders are staying on the sidelines.

By the close of the day, the S&P, Dow Jones, and Nasdaq were up 0.30%, 0.99%, and 0.27%, respectively.

Comparative data shows thatBitcoinIt suffered a severe setback. It fell from the 98,000 US dollar mark on the same day and fell below 93,000 US dollars at one point. The bears attacked fiercely. As of press release, the price of Bitcoin was reported at 93,235 US dollars, plummeting nearly 5,000 US dollars within 24 hours, a drop of nearly 5%.

Currently, the total cryptocurrency market cap is $3.27 trillion, and Bitcoin's dominance rate is 57.3%.

The strength of the bulls weakened, and the LTH group settled in safety

Secure Digital Markets AnalystA report warned that Bitcoin's order book showed signs of caution. The purchasing power of the bulls is weakening, the strength of the bears is gradually increasing, and the depth of the market is gradually weakening. Over the weekend, the total liquidated positions of the long and short sides exceeded 500 million US dollars, highlighting the current high-risk environment in the market.

The analyst also pointed out that Bitcoin's “biggest pain point” is at $78,000, which is far below the current price. This indicates an imbalance in the market and an adjustment is likely to occur in the coming weeks. Most put option positions reflect hedging requirements rather than pure bearish bets, which suggests traders are more managing risk than betting on a sharp decline.

Furthermore,GlassnodeTracking data revealed that Bitcoin long-term holders (LTH) are another culprit in the current sell-off, LTHThe monthly sell-off volume reached its highest level since April 2024, reaching 366,000 BTC.

Analysts pointed out that the 6-month to 12-month LTH group was the main seller, and their average cost base was 71% lower than the market price (approximately $57,900).

Short-term pressure, medium- to long-term bullish

Although Bitcoin is facing some resistance in the short term,BitfinexAnalysts said that due to the overheated situation in the past few weeks, the correction of the downward support level will be beneficial to the overall market structure. Compared with the historical peaks in March 2021 and March 2024, the current selling pressure is still within a manageable range. They said that these trends indicate a healthy and temporary consolidation of gains in the market, and the overall market may absorb selling pressure and continue to rise.

The analyst added that altcoins are also showing signs of strengthening, and the Total3 index, which excludes Bitcoin and Ethereum (ETH), hit a new cyclical high, “fueled by high investor sentiment.” “Total3 rose 23.2% from trough to peak last week, the biggest increase since April 2021. Big altcoins such as Solana (SOL) hit record highs, marking a critical moment as they broke through key resistance levels, including the April 2022 high.”

Bitfinex analysts reiterated that while BTC remains above $90,000, it is important to monitor daily ETF traffic. The slowdown in inflows indicates a lack of interest in the currently expensive spot Bitcoin, which may be a warning sign of a larger pullback.

Analysts said, “In fact, we expect even a slightly sharp correction this week, especially when important macro events such as the release of US consumer price index data and the release of the minutes of the Federal Open Market Committee meeting are released.”

Technical Analyst @BobLoukas在X平台表示: “Bitcoin is currently on day 21 of the cycle. Normally, when the Bitcoin price falls back near the 10-day EMA, it is a good rebound point to continue the upward trend. Generally speaking, in the middle of the cycle (around day 30), Bitcoin will experience some weakness. Therefore, if there is no rebound this time, Bitcoin could fall to the $86,000-88,000 range within the next 7-10 days.”

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