Bitcoin rebounded slightly from multiday lows on Nov. 26, after a sharp drop on Nov. 25 liquidated over $500 million in long positions across the crypto market.
BTC/USD reached a local bottom at $92,600 on Bitstamp, falling $5,000 during the previous daily candle. While some recovery occurred, market analysts remain cautious. Keith Alan of Material Indicators noted a lack of strong support confirmation, warning of potential further declines.
Trader Skew emphasized the importance of the $92,000–$92,500 zone, labeling it a “pivotal” level for avoiding a deeper correction. Losing this range, Skew suggested, could trigger broader market sell-offs.
Despite the pullback, Bitcoin traders continue to favor high-leverage positions, with monitoring resource CoinGlass reporting $525 million in liquidations over 24 hours. The market’s next move may hinge on bulls defending the critical $92,500 support level.
Source: Cointelegraph
