Bitcoin (BTC) approached the $80,000 psychological barrier today but only reached a high of $79,420. What followed was a downward trend, with the price currently at $76,757 (-3.35%).
While no major news triggered this drop, sell pressure heightened following massive derivative liquidations in an over-leveraged market.
Within an hour, crypto exchanges received a combined total of $1.35 billion in sell orders, with Binance accounting for the majority at $1.2 billion. For Bitcoin, the liquidations wiped out $112.66 million from long buyers in the past 24 hours.
Source: CryptoQuant
It didn’t help the market that a fragile US-Iran ceasefire is still looming, coupled with failed peace talks. Infrastructural damage and closure of the Strait of Hormuz have created an economic crisis, with WTI crude oil price rising to $96.73/barrel.
That said, many analysts are convinced that Bitcoin’s price drop is typical of a bottom or near-bottom event, and that we should expect a strong rebound in the long-term.
According to Michaël van de Poppe, historical patterns show rallies of up to 1300% in the two years following the Mayer Multiple Z-score falling below -1.5 standard deviations. This suggests that Bitcoin is significantly undervalued and historically “oversold” relative to its long-term average.
Having hit that same point in this cycle, the analyst is convinced of an upcoming bullish reversal, with $200K as the bear market bottom.
Bitcoin’s relative strength index (RSI) now reads 53.40, while the MACD (Moving Average Convergence Divergence) remains positive and rising. Both indicators point to a shift into the valued region and a resultant rise in buying pressure.
Additionally, Bitcoin investment products saw heightened demand last week with $933 million in inflows. BlakRock’s IBIT recorded a 9-day inflow streak of $983 million, marking its most dominant week in 6 months.
Even more, Congressman Nick Begich III has announced the revival of a Bitcoin strategic reserve as the US strives to position itself as a Bitcoin hub.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Even though XRP has extended its October selloff into November 2026, on-chain data analysis reveals…
Core Scientific, one of the biggest names in Bitcoin mining, plans to wind down its…
As Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) capitulated on November 5, 2026, the…
XRP has been dragged lower by the broader crypto sell-off, but large holders appear to…
Chainlink's fundamentals are getting stronger headlines than its token price. LINK has fallen roughly 32%…
The post-midterm rally lasted just one day. A heavy sell-off in US tech stocks has…
