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Cryptocurrency News Articles
Bitcoin at $93,000: a decisive level to avoid massive liquidation
Feb 09, 2025 at 05:05 pm
Since dropping below the symbolic barrier of $100,000, Bitcoin has struggled to regain bullish momentum. Observers warn against a drop below $93,000
Bitcoin price dropped below a critical threshold on Monday, sparking fears of massive liquidations in the crypto markets.
As financial markets grow increasingly uncertain, so does the fate of Bitcoin. Surging volatility had investors fixated on a critical threshold on Monday as the price of Bitcoin approached a level that could trigger $1.3 billion in liquidations.
This critical scenario played out amid a tense geopolitical landscape, with the trade war between the United States and China affecting all risk assets. Speculation and investor caution mounted over fears of a sharp correction in Bitcoin, which has long been touted as a safe haven from macroeconomic turbulence.
Bitcoin at $93,000: A crucial level to avert mass liquidation
After falling below the symbolic barrier of $100,000, Bitcoin price has faced resistance in regaining bullish momentum. Observers highlighted a crucial level at $93,000, below which a wave of forced liquidations could begin on long leveraged positions.
“A drop below $90,500 would amplify bearish sentiment, which could accelerate due to the domino effect of chain liquidations,” noted Ryan Lee, chief analyst at Bitget Research.
Data from Coinglass showed the extent of the peril, as dropping below this threshold would trigger a wave of automatic sales, ramping up selling pressure in the markets. This mechanical phenomenon, which predominantly affects traders who took highly leveraged positions, would exacerbate volatility and could magnify the correction far past the $90,000 level.
Trade tensions adding another layer of uncertainty to crypto markets
The economic war between Washington and Beijing introduced an additional layer of uncertainty. The announcement of new U.S. customs duties on some Chinese products sparked a sell-off in the markets, dragging Bitcoin price down from $96,500 at the beginning of the week.
These tensions made investors hesitant to build up their positions in the face of an unstable economic climate. However, this scenario could benefit Bitcoin over a longer time frame.
“Trade tensions could exacerbate the devaluation of the US dollar, thereby pushing investors into alternative assets such as Bitcoin,” said James Wo, CEO of DFG.
Yet, the notion of the leading cryptocurrency thriving amid fiat currency weakness fueled speculation for a future bullish recovery once the dust settles.
Talks between Donald Trump and Xi Jinping, initially set to take place this week, were postponed, adding more uncertainty over the market direction in the coming days. Investors awaited clear signals on the trade war, which could either definitively drive Bitcoin into a new bear cycle or, on the contrary, propel a rebound toward new highs.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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