Ether is trading at $3,353, 4% less than yesterday, which is important news. Yesterday, the Ethereum cryptocurrency performed better than bitcoin (and even solana), which may mean that this part of the market is slowly emerging from its long stagnation. The ETH/BTC pair even approached 0.04, where it has not been since October (apart from the sudden breakout on November 11).
Bitcoin (BTC) has had a significant decline, falling below the USD 93,000 level. BTC is currently trading at around $92,579, which puts us down around 5.87% from the previous closing price.
The decline comes just days after bitcoin approached the $100,000 mark and hit a new all-time high of $99,547. After the recent surge, the market may experience a correction and investor profit-taking behavior may also be one of the reasons for the price decline. In addition, long leveraged positions in excess of $3.40 billion are at risk of liquidation, which could further exacerbate price volatility.
Is this decline a bear trap? It is mainly due to profit-taking by major American institutions in the face of the upcoming holidays. Additionally, the market failed to break the $100,000 psychological barrier after digesting MicroStrategy’s $5.40 billion purchase volume. However, such a correction has no impact on the overall bitcoin boom, so such a decline may be a bear trap.
