Bitcoin’s Melancholy Plunge: A Tale of Greed, Liquidations, and Market Woes

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In the dim light of Monday, Bitcoin (BTC) found itself – as usual – in a bit of a tizzy, tumbling down to approximately $86,000. Ah, the glorious dance of liquidations, every tick of the clock erasing hundreds of millions in leverage-like a cruel magician, pulling fortunes out of hats only to show them disappearing. And so, the tale unfolds with a shrug and perhaps a chuckle, if irony were a laughing matter-and it mostly isn’t.

The weekend did no favors, pushing Bitcoin just under $85,500, as if the market was playing a game of hide and seek with confidence, and macroeconomic uncertainty sat there, grinning mischievously. Because why not?

The Wave of Liquidation: A Symphony of Despair

Turns out, over $640 million vanished in a day-poof! Gone-wiped clean from leveraged positions across exchanges, like an overzealous cleaning service with a penchant for chaos. And just like that, Bitcoin’s recent trading channel snapped, as if it had a bad night’s sleep, groggily slipping below the $90,000 mark-liquidity thinning faster than dessert at a diet convention.

Charts show Bitcoin lost its footing, tumbling below the supportive bonds of its ascending channel-poor little thing. Indicators like Chaikin Money Flow and MACD are whispering their melancholic tale of waning strength. The latter, dear reader, has a bearish crossover that historically signals the market’s moody inclination towards extended downturns-fashionably late but always dramatic.

Support levels now dance between $84,500 and $84,800, with whispers of deeper lows at $82,000 and even $80,500 if fortunes keep favoring the bearish side. Because why not?

Meanwhile, other coins, not to be left behind in the grand melodrama, also took a hit. Ethereum slipped to about $2,800, and Solana, XRP, Binance Coin, and Dogen (the meme coin that dreams big) all lurched down 5-7%. The total market cap shrank by a hair-raising 5%, settling at a modest $2.95 trillion-enough to make you wonder if anyone still remembers how to make money out of thin air.

ETF Outflows and Global Rumblings: The Political Soap Opera Continues

Meanwhile, the Bitcoin ETF scene is throwing a tantrum, with about $3.5 billion leaving in November. Yes, billion with a ‘B’. Major players-perhaps tired of the emotional roller coaster-are doing what all rational people do: rebalancing portfolios and cashing in, not fleeing the digital realm, but it looks suspiciously like a mass exodus.

Adding to the melodrama, the Bank of Japan’s hint at a rate hike in December introduces even more volatility-because why not add a little spice? Meanwhile, in the heroic land of the US, the Federal Reserve teeters on the edge of new policy, and traders wait, breath bated, for clarity-hope, caffeine, and anxiety all mingling in the air.

Despite the gloom, some wise folks argue this is merely a “shakeout,” not the beginning of a reckoning-a temporary wobble, a market hiccup, a moment to straighten the tie before charging ahead. But who knows? Maybe tomorrow, Bitcoin wakes up with a smile-or not.

All eyes remain fixated on the $86,000-$87,000 zone; if it holds, perhaps we can pretend everything’s fine. If it crumbles, well, the low-$80,000 range beckons, with a charming invitation to melancholy.

And so, dear reader, we wait-market’s mood swings like a teenager, unpredictable, capricious, and sometimes downright hilarious in its despair. 🌝📉

Cover image from ChatGPT, BTCUSD chart from Tradingview

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2025-12-02 05:14