Bitcoin crashes 5% in ‘Sunday slam’ as liquidations surge

💡 DMK Insight

Bitcoin’s nearly 5% drop to $86,950 is a wake-up call for traders: liquidations hit $539 million. This significant decline marks the worst November for Bitcoin since 2018, raising concerns about market sentiment and potential further downside. With such a large liquidation event, we could see heightened volatility in the coming days as traders reassess their positions. Watch for support levels around $85,000; a breach could lead to a cascade effect, pushing prices lower. On the flip side, if Bitcoin manages to reclaim the $90,000 mark, it might signal a temporary recovery, but that seems distant right now. Keep an eye on broader market indicators, especially how altcoins react. If they follow Bitcoin’s lead, we might see a broader market correction. Institutions may be looking to capitalize on this dip, but retail sentiment could remain shaky. Monitor the daily charts for any signs of reversal or continued bearish momentum.