Well, well, well, if it isn’t the Bitcoin rollercoaster! After an 11-day tumble from around $106,000 to a measly $79,500 in mid-November, BTC is now bouncing back toward $88,000, causing traders everywhere to wonder: have we finally hit rock bottom, or is there more misery yet to come? 🤔
Despite the recent bounce, large holders of Bitcoin seem to be in the mood for a little “spring cleaning” and are offloading their precious BTC like it’s last season’s fashion trend. Meanwhile, futures markets are showing signs of stress-comparable to the chaos we saw after the FTX disaster in 2022. Oh joy. 😅
Futures, Big Fish, and a Rebound That’s About as Strong as a Wet Paper Towel
According to on-chain analyst Carmelo Alemán, Bitcoin’s latest slump has been “shaped by institutional redistribution”-basically, the big guys are selling their massive chunks of BTC like they’re clearing out a storage unit. The >10,000 BTC and 1,000-10,000 BTC groups are particularly keen to lock in profits instead of buying more. Meanwhile, smaller wallets (0-1 BTC and 1-10 BTC) have been selling too, leaving retail investors holding the bag. Ouch. 😬
The main buyers in this situation? The mid-sized wallets (10-100 BTC and 100-1,000 BTC), who’ve been slowly accumulating during the price dip. These small-to-medium fish seem to have helped stabilize things, as BTC rebounded from its low of $79,500 to $88,000 in just 48 hours. Is it a sign of hope? Who knows. 🧐
But don’t get too excited just yet. Alemán warns that the selling from the 1,000-10,000 BTC group is still a roadblock in the way of a solid recovery. So, keep your helmets on. 🛑
To make matters even juicier, market observer Darkfost has pointed out that the long liquidations on Bitcoin are at levels not seen since the FTX debacle of 2022. You know, back when 10,600 BTC worth of longs were liquidated in a single day? Yikes. Darkfost suggests that the recent market wipeout has “cleaned up” the market, making it a bit more appetizing for new investors. Bon appétit, anyone? 🍽️
As of now, BTC is sitting at $88,000, up about 1% in the last 24 hours, but still down about 2% for the week and 21% over the past month. And let’s not forget-it’s still 30% off its all-time high of $126,000 from October 6. So, yeah, we’re in deep correction territory. But hey, at least it’s an uptrend, right? 😏
Will $79,500 Go Down in History as the Cycle Low? The Jury’s Still Out!
The opinions on whether $79,500 is the actual bottom are split like a banana in a monkey’s hand. On one side, Crypto Dan thinks short-term holders have thrown in the towel near that level, which often signals a local bottom. It’s a valid point, but not everyone is convinced. 😬
On the other hand, CryptoOnchain has noticed long-term holders selling around 63,000 BTC, signaling a major transfer of wealth from old pros to fresh-faced newbies. The plot thickens! 🕵️♂️
Meanwhile, analysts like Sykodelic and Michaël van de Poppe are drawing comparisons to the COVID crash of 2020, suggesting that the market might recover without revisiting the recent lows if momentum picks up. Others, like “Colin Talks Crypto,” remain more cautious, warning that bear-market signals are already flashing, even if one last rally could still happen. Who’s ready for the next chapter in this thrilling saga? 📖
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2025-11-25 12:10