Bitcoin, Ethereum, Dogecoin Recover Losses After Flash Crash: Analyst Pinpoints Critical BTC Support Levels
By Benzinga
Leading cryptocurrency dumped hard on Monday following Bitcoin’s flash crash to $94,000.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -1.86% | $97,790.92 |
| Ethereum (CRYPTO: ETH) |
-5.05% | $3,765.62 |
| Dogecoin (CRYPTO: DOGE) | -9.34% | $0.4164 |
What Happened: The world’s largest cryptocurrency got rejected at $100,000 during morning trading and later slumped from $98,000 to an intraday low of $94,355 in a span of two hours, triggering a barrage of liquidations.
Prices recovered to the high $97,000s overnight.
Ethereum witnessed similar turbulence, plunging sharply to $3,550 to later rebound to $3,765.
The crash triggered about $1.72 billion in cryptocurrency liquidations in the last 24 hours, with leveraged longs accounting for nearly $1.55 billion.
About $509 million in short positions risked liquidation if Bitcoin reclaimed $100,000.
Bitcoin’s Open Interest dropped by 1.32% in the last 24 hours, while Ethereum saw a 5.44% plunge in money locked in unsettled futures contracts.
That said, the total number of long positions for Bitcoin surged in comparison to shorts, indicating expectations of future price increases.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Ethena (ENA) | +3.82% | $1.05 |
| UNUS SED LEO (DYDX) | +7.19% | $9.44 |
| Pepe (PEPE) | +2.42% | $0.00002697 |
The global cryptocurrency market capitalization stood at $3.48 trillion, plunging by 5.37% in the last 24 hours.
Stocks got hammered on the first day of a new trading week. The Dow Jones Industrial Average fell 240.59 points, or 0.54%, to close at 44,401.93. The S&P 500 dipped 0.61%, ending at 6,052.85, while the tech-heavy Nasdaq Composite slid 0.62% to end at 19,736.69.
The tech drawdown was precipitated by a 2.55% drop in NVIDIA Corp. (NASDAQ:NVDA) shares after the artificial intelligence juggernaut was hit with an antitrust probe in China.
The slump came ahead of the release of November’s consumer price index data, due for release on Wednesday.
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Analyst Notes: Widely followed cryptocurrency analyst Justin Bennett weighed in on the Bitcoin pullback scenario, stressing the $91,800 mid-range and an $83-$85,000 support.
“I think those are your targets (level by level) if $99,000 is lost on a daily closing basis,” Bennett projected.
Popular on-chain analytics firm CryptoQuant noted a surge in Coinbase Premium alongside a slump in Bitcoin’s prices.
For the curious, a higher premium reflects strong buying pressure by U.S.-based institutional investors.
“This rebound suggests that when excessive panic selling occurs on Binance, which has a higher proportion of small investors, U.S. institutional investors are likely to adopt an aggressive buying strategy,” CryptoQuant added.
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