Future Bitcoin price dips to $90K ‘routine profit taking’ — Why BTC traders keep buying
Traders bought up Bitcoin’s dips to $90,000, a sign that investors are confident in BTC prices above $100,000.
Bitcoin (BTC) experienced unprecedented intraday volatility on Dec. 5, with a dramatic $12,396 price swing that saw the cryptocurrency reach a remarkable low of $91,463. Analysts estimate that over $4 billion worth of leveraged BTC futures were liquidated during this period, surpassing the previous peak recorded during FTX’s bankruptcy in November 2022.
What truly stood out during the Dec. 5 flash crash was the $5,160 rebound in less than 15 minutes after hitting the low, as buyers aggressively defended the $96,500 support level. Moreover, Bitcoin derivatives metrics maintained their prior bullishness, signaling that traders remain confident in the ongoing upward momentum.
To gauge market sentiment, analyzing Bitcoin’s margin markets is crucial. Unlike derivatives contracts, which require both buyers and sellers, margin markets enable traders to borrow stablecoins to purchase spot Bitcoin or borrow BTC to initiate short positions, wagering on a price decline.
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Author: Marcel Pechman
