- Bitcoin is still declining; on Wednesday, it was trading below the $96,000 mark.
- The cryptocurrency market has seen a surge of liquidations due to the recent price drop, with $694.11 million in total liquidations over the past day.
- Increased selling pressure is indicated by the steep decline in CryptoQuant BTC's Net Taker Volume on Binance.
The price of Bitcoin (BTC) dropped more than 5% the day before and is now trading below the $96,000 mark on Wednesday. The cryptocurrency market has seen a surge of liquidations due to the recent price drop, with $694.11 million in total liquidations over the past day. Additionally, CryptoQuant BTC’s Net Taker Volume on Binance has gone precipitously negative, indicating heightened selling pressure and a potential for future declines.
When Bitcoin drops below $96,000, the market loses over $694 million.
After dropping more than 5% the day before, the price of bitcoin dropped below $96,000 on Wednesday, continuing its downward trend. According to statistics from CoinGlass, this price adjustment set off a wave of liquidations throughout the cryptocurrency market, culminating in $694.11 million in total liquidations during the last day, with about $125 million of that amount being in Bitcoin.
The CryptoQuant Tuesday saw a dramatic decline in Bitcoin’s hourly Net Taker Volume on Binance, indicating heightened selling pressure. During the release of the Institute for Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) and Job Openings and Labor Turnover Survey (JOLTs) data on Tuesday, which showed negative outcomes for risky assets, this metric peaked at -$325 million, the highest amount in 2025.
Traders should keep an eye on this indication since it will be crucial to figuring out whether anxiety is short-term or starting to take over the markets.
Coinglass’s Bitcoin long-to-short ratio, which is at its lowest level in more than a month at 0.89, is another indication of weakness. Since more traders are placing bets for the price of bitcoin to drop, a ratio below one indicates a negative attitude in the markets.
Additionally, there are indications that institutional demand is declining. Bitcoin spot Exchange Traded Funds (ETFs) saw a modest inflow of $52.40 million on Tuesday, down from $978.60 million on Monday, according to Coinglass. The price of Bitcoin may drop even more if the flow data shows a significant outflow or declines.
Bitcoin Price Prediction: Weaknesses in BTC
The price of bitcoin fell 5.17% on Tuesday, closing below the $100,000 support level. As of this writing on Wednesday, it is approximately $95,800.
If Bitcoin keeps falling, it may reach its 38.2% Fibonacci retracement mark at $92,493 (which is derived from the low of $66,835 on November 4 to the high of $108,353 on December 17).
On the daily chart, the Relative Strength Index was 47, pointing lower and below its neutral threshold of 50, which suggests negative momentum.
FAQ
Bitcoin’s price dipped below $96,000 due to increased selling pressure in the market, which triggered a wave of liquidations. A recent decline in Bitcoin’s Net Taker Volume on Binance and negative economic data, such as the ISM Manufacturing PMI and JOLTs reports, further amplified the downward movement.
Over the past 24 hours, the cryptocurrency market has experienced $694.11 million in liquidations, with around $125 million of that amount in Bitcoin alone, as a result of the recent price drop.
The Net Taker Volume metric on CryptoQuant shows the balance of market participants taking aggressive buy and sell positions. A precipitous drop in this volume, as seen recently, indicates an increased selling pressure, which could lead to further price declines.
The Bitcoin long-to-short ratio reflects the market sentiment regarding Bitcoin’s price direction. A ratio below 1, such as the current value of 0.89, indicates that more traders are betting on Bitcoin’s price to decline, signaling a negative market sentiment.
If Bitcoin’s price continues to decline, it could potentially reach the 38.2% Fibonacci retracement level at $92,493. This is based on the price movement from November 4
