Bitcoin failed to break through a key resistance level over the weekend and plummeted nearly 5% in just three hours during the Asian morning session.

According to Tradingview data, the asset traded around $91,500 for most of the weekend, seemingly consolidating at the end of the month, but suddenly dropped to $86,950 on Coinbase.

Following the first green weekly candle in four weeks, the nearly 5% drop came as Bitcoin (BTC) ended the week at $90,411.

The Kobeissi Letter noted, "As seen countless times this year, Friday nights and Sunday nights are often accompanied by significant volatility in cryptocurrencies," adding that this drop had no apparent news catalyst.

Kobeissi attributed the flash crash to "a sudden influx of sell volume that led to a domino effect of sell-offs, which was only amplified by historically high levels of leveraged positions being liquidated."

According to CoinGlass, over 180,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $539 million, most of which occurred in the last few hours. Nearly 90% of these liquidations were long positions, primarily concentrated in BTC and Ethereum (ETH).

CoinGlass data shows that Bitcoin experienced its worst month of the year and the worst November performance since 2018, ending the month down 17.49%. The asset fell 36.57% in November 2018 during a brutal bear market.

Analyst "Sykodelic" remains bullish, stating, "This is actually a good start to the month."

He mentioned that there was no rise on Sunday, the CME gap has been closed, and $400 million in long positions have been liquidated. "Downward liquidity has been cleared first, which is exactly what we wanted to happen."

Related: Arthur Hayes warns Monad could plummet 99%, calling it a high-risk "VC coin."

Original article: “Bitcoin (BTC) Plummets 5% in Flash Crash, Records Worst November Performance Since 2018”

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。