{"id":449694,"date":"2024-12-06T18:30:27","date_gmt":"2024-12-06T13:00:27","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=449694"},"modified":"2024-12-06T14:36:42","modified_gmt":"2024-12-06T09:06:42","slug":"why-is-bitcoin-down-today-key-levels-to-watch-for-your-next-move","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-is-bitcoin-down-today-key-levels-to-watch-for-your-next-move\/","title":{"rendered":"Why is Bitcoin down today? Key levels to watch for your next move"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Traders are overleveraged at $96,957 on the lower side and $99,813 on the upper side.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin will once again cross the $100,000 mark if it closes a daily candle above the $99,700 level.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The cryptocurrency market faced a setback after <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a>, the world\u2019s largest digital asset, experienced a significant 5.47% price decline in just one minute, following its historic crossing of the $100,000 mark for the first time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This notable price decline has shifted overall market sentiment as traders have liquidated nearly a billion worth of long and short positions.<\/span><\/p>\n<h2><b>Why is BTC falling?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The potential for this significant price decline is yet to be known. However, data from the on-chain analytics firm Coinglass reported that a significant inflow into the exchanges might be responsible for this price decline.\u00a0<\/span><\/p>\n<figure id=\"attachment_449697\" aria-describedby=\"caption-attachment-449697\" style=\"width: 1713px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78.png\"><img decoding=\"async\" class=\"wp-image-449697 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78.png\" alt=\"Why Bitcoin's (BTC) price is falling?\" width=\"1713\" height=\"477\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78.png 1713w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78-300x84.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78-1024x285.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78-768x214.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78-1536x428.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-78-1200x334.png 1200w\" sizes=\"(max-width: 1713px) 100vw, 1713px\" \/><\/a><figcaption id=\"caption-attachment-449697\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">BTC spot inflow\/outflow metrics reported that exchanges have witnessed a significant $732.5 million of BTC outflow. In the cryptocurrency context, \u201coutflow\u201d refers to the movement of assets from wallets to exchanges, often seen as a sign of selling pressure and a potential price decline.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the recent price decline has created fear among traders and investors and has further raised concern about whether the price will drop further or if the market will rebound.<\/span><\/p>\n<h2><b>Bitcoin technical analysis and key levels<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to AMBCrypto\u2019s technical analysis, BTC is consolidating in a tight range between $92,000 and $99,100. However, a recent breakout from this zone seems to have been a bull trap, as BTC failed to sustain its position above the range and has fallen back within it.<\/span><\/p>\n<figure id=\"attachment_449695\" aria-describedby=\"caption-attachment-449695\" style=\"width: 1802px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389.png\"><img decoding=\"async\" class=\"wp-image-449695 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389.png\" alt=\"Bitcoin technical analysis\" width=\"1802\" height=\"768\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389.png 1802w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389-300x128.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389-1024x436.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389-768x327.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389-1536x655.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/BTCUSDT_2024-12-06_13-22-04-e1733471587389-1200x511.png 1200w\" sizes=\"(max-width: 1802px) 100vw, 1802px\" \/><\/a><figcaption id=\"caption-attachment-449695\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Based on recent price action, if BTC breaks out above the upper boundary of the range and closes a daily candle above the $99,700 level, there is a strong possibility it will once again cross the $100,000 mark and sustain its position.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, if BTC breaks below the range and closes a daily candle under the $91,500 level, there is a strong likelihood it could drop to the $86,000 level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, BTC\u2019s Relative Strength Index (RSI) currently stands at 62, just below the overbought territory, indicating that the asset still has room to rise in the coming days.<\/span><\/p>\n<h2><b>Major liquidation levels<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In addition to technical analysis, the major liquidation levels currently stand at $96,957 on the lower side and $99,813 on the upper side, with traders overleveraged at these points, according to Coinglass.<\/span><\/p>\n<figure id=\"attachment_449698\" aria-describedby=\"caption-attachment-449698\" style=\"width: 1461px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-79.png\"><img decoding=\"async\" class=\"wp-image-449698 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-79.png\" alt=\"Major Liquidation levels\" width=\"1461\" height=\"534\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-79.png 1461w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-79-300x110.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-79-1024x374.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-79-768x281.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/12\/image-79-1200x439.png 1200w\" sizes=\"(max-width: 1461px) 100vw, 1461px\" \/><\/a><figcaption id=\"caption-attachment-449698\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">If sentiment shifts towards bullish momentum and the price rises to the $99,813 level, nearly $938 million worth of short positions could be liquidated. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, if sentiment turns bearish and the price drops to $96,957, approximately $364 million worth of long positions could be liquidated.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">This liquidation data indicates that bearish sentiment is strongly dominating the asset, as many believe the BTC price will not surpass the $99,813 level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, BTC was trading near $97,970 and has registered a price decline of 4.10% in the past 24 hours. During the same period, its trading volume increased by 4%, indicating a modest rise in investor and trader participation compared to the previous day.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BTC spot inflow\/outflow metrics show that exchanges have seen a significant $732.5 million of outflow.\u00a0<\/p>\n","protected":false},"author":97,"featured_media":449702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,66,3,4,20],"tags":[6427],"class_list":["post-449694","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin&#039;s bull trap? Key levels to watch<\/title>\n<meta name=\"description\" content=\"After the bull trap, it appears that Bitcoin (BTC) will cross the $100,000 mark again if it closes a daily candle above the $99,700 level.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/why-is-bitcoin-down-today-key-levels-to-watch-for-your-next-move\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why is Bitcoin down today? 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