Bitcoin (BTC) was once again approaching the $100,000 area. With this bullish movement, the hopes of those who long for a Christmas rally for the price of the digital currency were resurrected.
But the price did not continue with the upward movement, or at least it did not do so as many expected.
In the last hours, BTC had a violent downward movement which takes it, at the time of this publication, towards the $95,000 area, as can be seen in the following chart.
Bitcoin (BTC) price in the last 24 hours. Source: TradingView.
As a result of this drop in price, close to 90 million dollars were liquidated in the bitcoin and Cryptocurrency futures markets.
Evidently, many traders had positioned themselves with long operations, waiting for the price of the digital assets up, but the operation did not go well.
The following graph, provided by CoinGlassshows what the settlements have been like this morning:
Settlements in the cryptocurrency market. Source: CoinGlass.
To explain the fall that bitcoin has had, we can mention the fact that today, as CriptoNoticias reported minutes ago, the bitcoin market reopens. ETFs after the Christmas holiday. Maybe, Investors are trying to anticipate the movements they foresee for the day.
Also, there are those who attribute this fall to a TradingView errorwhich is the most used platform for chart analysis of financial assets.
The platform, for a few minutes, wrongly showed that bitcoin’s dominance in the cryptocurrency market had fallen to zero.
Bitcoin dominance fell to zero, according to TradingView. Source: RipplePandaXRP – X.
The error (which was quickly corrected by TradingView) could have sparked panic in the market. If bitcoin dominance really drops to zero (which it didn’t happen and with virtually no chance of happening), it would mean that BTC lost all its value and it would make sense to try to exit in time or switch to altcoins.
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