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Bitcoin Leverage Remains High – Data Reveals Selling Pressure Above $93K
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Bitcoin Leverage Remains High – Data Reveals Selling Pressure Above $93K

Sebastian Villafuerte
Sebastian Villafuerte
6 months ago
3 mins read
Bitcoin Leverage Remains High – Data Reveals Selling Pressure Above $93K

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After a historic rally, Bitcoin has faced its first major setback, pulling back 7% from its all-time high of $99,800. This comes after an impressive surge from $67,500 on November 5, marking a nearly 50% climb in just a few weeks. The price action has largely been “only up,” attracting significant attention from traders and investors alike.

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However, the current pullback highlights growing caution in the market. Market caution said leverage levels remain elevated despite recent deleveraging efforts. Adler’s analysis reveals that increasing short positions and consolidation below the psychological $100,000 mark have contributed to the retracement.

While Bitcoin’s performance remains strong in the broader context, this dip signals a potential shift in market sentiment. The question is whether BTC can gather enough momentum to break past the $100,000 barrier or if further consolidation is on the horizon.

Many investors consider this pullback a healthy pause in a bullish cycle, but the high leverage levels suggest continued volatility. All eyes are on Bitcoin as it navigates this critical phase, with the next few days likely to determine its short-term direction.

Bitcoin Bears Showing Up

After three weeks of minimal resistance from bears, signs of their resurgence emerge as Bitcoin struggles to break past the $100,000 level. This critical price point, which many believed would act as a springboard for further gains, has instead highlighted growing bearish sentiment. According to CryptoQuant analyst Axel Adler, the recent price action marks a potential shift in momentum.

Adler’s analysis on X reveals that despite a wave of recent deleveraging, leverage levels in the market remain elevated. Many key long positions were established around the $93,000 mark, providing bears with an opportunity to profit as BTC failed to push higher. This level has now become a battleground, with Bitcoin’s inability to sustain upward momentum signaling the possibility of further downside risk.

Bitcoin Estimated Leverage Ratio
Bitcoin Estimated Leverage Ratio | Source: Axel Adler on X

Bitcoin’s price hovers around this key level, raising the likelihood of a correction toward $88,500 or prolonged sideways consolidation below $100,000. Such a scenario would impact Bitcoin and set the tone for altcoin performance in the coming weeks.

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The next two weeks will be pivotal as market participants closely watch Bitcoin’s price action. A decisive move, whether up or down, will shape the broader cryptocurrency landscape and determine whether this is merely a pause in a larger rally or the start of a deeper correction.

BTC Testing Fresh Demand

Bitcoin is trading at $93,500 as bears regained control after it hit an all-time high last Friday. This retracement marks a shift in momentum, but bulls still can reclaim dominance if the price remains strong above the critical $92,000 support level. Holding this level would keep Bitcoin’s price action structurally bullish and signal resilience in the face of increased selling pressure.

BTC testing fresh demand at $93K
BTC testing fresh demand at $93K | Source: BTCUSDT chart on TradingView

If Bitcoin sustains strength above $92,000, the outlook for the short term remains optimistic, with the potential for another attempt at breaking key resistance levels. However, a drop below this mark would signal short-term weakness, potentially triggering further declines. The next critical level to watch would be around $84,000, where the 4-hour 200 EMA aligns as a support zone.

This level represents a major line in the sand for bulls. A breakdown below it could accelerate bearish momentum, extending the correction and dampening market sentiment. On the other hand, holding above $92,000 would reinforce bullish confidence, setting the stage for a recovery and a potential pushback toward previous highs.

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Traders and investors are closely watching these levels, as Bitcoin’s ability to stay above $92,000 will determine whether it remains in a short-term bullish structure or succumbs to bearish pressures.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Reason to trust

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