Bitcoin experienced a sharp downturn this Sunday, plummeting nearly 5% within just three hours. While it had been consolidating around $91,500 for much of the weekend, a sudden sell-off sent its price down to $86,950 on Coinbase, according to Tradingview. This slump followed a rare green candle for Bitcoin last week which ended at $90,411, according to Tradingview. Experts attribute this crash to high leverage trading and increased selling volume.
The sudden drop was attributed to the significant liquidation of leveraged positions across the market. Trading platforms like CoinGlass report over 180,000 traders liquidated in the past 24 hours, with nearly $539 million in losses predominantly from long positions in BTC and ETH.
November proved to be a particularly challenging month for Bitcoin, marking its worst performance since 2018, ending down by 17.49%. Some analysts are optimistic, however, pointing out that the recent drop was part of a predictable pattern and a sign of healthy price correction, while others view this as a temporary dip within an otherwise structural bear market.