The price of Bitcoin on December 6, 2024 is showing a notable drop of over 4%, causing the asset to trade above $98,000 again. Yesterday, the price of Bitcoin reached a new all-time high at $103,679, but failed to sustain its upward movement and plummeted, surprising the market.
In a sudden and impactful move, Bitcoin experienced a sharp drop of 6% in just five minutes on December 5, devaluing to below $93,000. Specifically, by the end of the day, the price of the cryptocurrency tumbled from $98,338 to $90,500, according to information from the Binance platform.
This decline not only surprised traders but also resulted in the liquidation of over $300 million in long positions over the course of an hour, amplifying the day’s losses to a total of $404 million, according to aggregated data by CoinGlass.
Cryptocurrency analyst Ali Martinez noted in a recent technical analysis that the most significant support level for Bitcoin is $96,870, where 1.45 million addresses bought 1.42 million BTC. “As long as this demand zone holds, there is a good probability that BTC will continue marching upwards,” he highlighted.
At the time of publication, the price of Bitcoin was quoted at $98,015.97 with a 4.5% decrease in the past 24 hours, equivalent to approximately R$ 588,929.98 BRL and € 92,561.32 EUR. Over the past week, the asset has shown a slight growth of 1.4%.
Similarly, following Bitcoin’s recent movement, most major cryptocurrencies are experiencing notable price declines in the past 24 hours. Ethereum is trading at $3,864.28 with a 1.9% decrease in its price. XRP is being traded at $2.26 with a 6% drop. Cardano recorded a 5.2% decrease and now has a price of $1.16. Solana is experiencing a 2.5% drop and is being traded at $234.34.
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Bitcoin (BTC)
Cryptos