Bitcoin (BTC) has been on a tear recently, hitting multiple all-time highs (ATH) levels since Donald Trump emerged victorious in the 2024 US presidential elections. Although the top cryptocurrency has witnessed a slight pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the bears.<\/p>\n
According to analysis<\/a> shared by crypto analyst Ali Martinez on X, more than $800 million is at risk of liquidation if the flagship digital asset reclaims the $93,000 price level. Notably, BTC\u2019s current ATH stands at $93,477.\u00a0<\/p>\n At the time of writing, BTC is trading at $89,480, down 1.9% in the past 24 hours. On the 4-hour chart, BTC\u2019s next prominent support level appears to be around the $86,000.\u00a0<\/p>\n The digital asset has already tested this support level three times, and a further dip to this price could send BTC tumbling toward $81,600, its next major support. If BTC fails to hold above $81,600, a decline to $79,700 may follow.<\/p>\n While a lower BTC price would favor the bears, a reclaim of the $93,000 level could severely hurt them. Such a move would risk over $800 million in liquidations, potentially forcing bearish traders to capitulate.<\/p>\n Data<\/a> from Coinglass shows that contracts worth more than $508 million were liquidated in the past 24 hours. Of this, $355 million were long, while $153 million were short.<\/p>\n A recent analysis by prominent crypto analyst @CryptoKaleo suggests<\/a> that Martinez\u2019s warning for bears may be justified. According to @CryptoKaleo, BTC could retrace to $86,000 before embarking on another rally to set new ATHs \u2013 possibly beyond $100,000. The analyst stated:<\/p>\n Just a little dip and a bit more ranging then send to $100K+. Honestly think this is the best case scenario for alts if we somehow get it. Would look for outperformance while BTC is accumulating around $90K.<\/p>\n Multiple factors have contributed to BTC\u2019s historic price action, including the halving earlier this year, the approval of Bitcoin exchange-traded funds (ETFs), and rising<\/a> institutional adoption of the digital asset.<\/p>\n However, Trump\u2019s win in the 2024 US presidential elections \u2013 a result seen as pro-crypto \u2013 served as a major catalyst for BTC\u2019s surge. Since Trump\u2019s victory on November 5, BTC has climbed from around $69,000 to a high of $93,000, recording gains of more than 30% in just 10 days.<\/p>\n Despite this impressive price rally, experts suggest that BTC may have further room to grow. For instance, a recent research report predicts<\/a> that BTC\u2019s bullish momentum could continue until mid-2025 when it is expected to peak.<\/p>\n Additionally, relatively low profit-taking during this bull run could further propel<\/a> BTC to new heights. However, bulls should remain cautious<\/a> of a significant CME gap around the $78,000 level, which could be a magnet for price correction.<\/p>\n At the time of writing, the total cryptocurrency market capitalization stands at $2.904 trillion, reflecting a 3.7% decline over the past 24 hours. Meanwhile, Bitcoin dominance is at 60.97%, underscoring BTC\u2019s continued strength in the market.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) has been on a tear recently, hitting multiple all-time highs (ATH) levels since Donald Trump emerged victorious in the 2024 US presidential elections. Although the top cryptocurrency has witnessed a slight pullback in the past 24 hours, rebounding to an earlier price level could spell trouble for the bears. Bitcoin Bears Could Be […]<\/p>\n","protected":false},"author":0,"featured_media":20984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20983"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20983"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/20984"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What\u2019s Behind BTC\u2019s Run?<\/h2>\n