After reaching new all-time highs, Bitcoin’s price dropped 6% between Nov. 13 and 15, showing early signs of a short-term correction to reset its overleveraged futures market. BTC remains in price discovery, and bulls aim to keep prices above $85,000 to sustain momentum.
Analysts, including Bluntz, believe a liquidity sweep around $85,500 could set the stage for Bitcoin’s climb toward $100,000. However, failure to hold above $85,000 may trigger deeper liquidations, given an all-time high futures leverage ratio of 270%, as noted by CryptoQuant CEO Ki-Young Ju.
Adding to the uncertainty, Bitcoin’s spot order books are thin above $73,884, offering minimal support during this discovery phase. While bullish patterns remain intact on key EMA levels, Bitcoin’s next move depends heavily on maintaining its recent higher lows and avoiding a surge in leveraged sell-offs.
Source: Cointelegraph
