Bitcoin (BTC) stumbled again on Sunday, slipping 1.7% over the past 24 hours to touch an intraday low of $93,989, its weakest level in three months. The leading cryptocurrency is now hovering just above the $94,000 mark after a steep sell-off that has erased more than 9% since Nov. 9.
$190 Billion in Market Cap Wiped Out in a Week
The market capitalization of Bitcoin has shrunk from $2.07 trillion to roughly $1.88 trillion over the past seven days, representing a loss of about $190 billion. Trading volume stood at $54.32 billion in the last 24 hours, with sell pressure dominating. The persistent decline has rattled investor sentiment and triggered a cascade of liquidations across crypto derivatives exchanges.
Liquidations Surge as 135,950 Traders Get Wrecked
Data from Coinglass shows that 135,950 traders had their positions forcibly closed in the past day, resulting in total liquidations of $394.37 million. Of that, $65.91 million came from Bitcoin long positions, which accounted for 62.24% of all liquidations. The heavy long squeeze underscores the bearish tilt in the market, with bears firmly in control of price action.
Market Split: Bargain Hunting vs. More Downside
As Bitcoin battles to stay above $94,000, traders remain divided. Some bulls believe the current zone could mark a local bottom, citing historically high realized cap and strong institutional interest. However, several analysts argue that without a major catalyst — such as a surprise rate cut by the Fed or a massive corporate purchase — the path of least resistance remains lower. The anticipated Bitcoin purchases by Strategy (formerly MicroStrategy) have so far failed to ignite a rebound.
“Clear data and steady judgment matter far more than noise,” the report noted, emphasizing that speculative narratives alone won’t stabilize prices. The $94,000 level has become a critical psychological support; a breakdown below could open the door to the $90,000 region, a level last seen in early November.
FAQ
- Why is Bitcoin sliding near $94,000? Heavy sell pressure and a cascade of long liquidations are dragging the price lower, with no fresh buying catalysts in sight.
- How much value has the Bitcoin market lost this week? Market cap dropped by approximately $190 billion from $2.07 trillion to $1.88 trillion over the past seven days.
- What triggered the wave of Bitcoin liquidations? A sharp intraday drop below $94,000 triggered forced closures of leveraged long positions, totaling $394 million in liquidations.
- What are traders expecting next for Bitcoin? Sentiment is split; some see a potential bottom at current levels, while others predict further declines unless strong fundamentals emerge.