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Bitcoin’s bullish trend slowed over the weekend, with the price hovering around the $100K barrier. However, at approximately 21:00 GMT this Monday the Cryptocurrency market suffered a sharp decline. The price of BTC fell to $94,300 per coin and caused strong nervousness among investors.
The reason for this sudden drop in prices is still unclear; However, everything indicates that this is a regular collection of some large whales. At the time of writing, at 22:35 GMT, the prices of some tokens appear to be recovering from the shakeout.
The price of Bitcoin is trading above $97,200 per coin, but nervousness and volatility remain, as further liquidations are feared. If the whales decide to continue collecting, the prospect of a massive liquidation could threaten $90K. Despite this, it is too early to determine probable scenarios.
What is clear is that the liquidations of leveraged derivatives positions were massive. According to Coinglass data, nearly $1 billion in long positions were wiped out in that short period of time.
Volatility dominates the price of Bitcoin during the overnight hours this Monday. Source: CoinMarketCap
Crypto Market Pullback Cancels Altcoin Season
In the same way that the setback that the cryptocurrency market suffered this Monday caused massive liquidations, it also affected the altcoin season index. Thus, the altcoin season tracked by Blockchaincenter.net is cancelled, at least momentarily.
According to data from the aforementioned portal, the index marks 69 points out of the 75 necessary to consider the market in an altcoin season. According to data from portals such as CoinMarketCap, volatility is enormous at the end of the day on Monday and the main currencies recover.
Either way, some major currencies reflect strong red numbers. Ethereum (ETH), for example, threatens to lose support at $3,600, while Solana (SOL) drops to $218. In the field of so-called memecoins, prices are also in sharp decline. Most of the top meme coins by market capitalization reflect more than double-digit declines in 24 hours.
As you can see, nervousness seems to be the dominant trend right now in the cryptocurrency market. They are pending updating the data on capital movements in Bitcoin spot exchange products. Whether the bearish trend deepens or stops during the day on Tuesday will depend on this last data.
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