Bitcoin Faces Pressure Amid Market Liquidations

According to Odaily, Bitcoin experienced renewed pressure on Monday, highlighting the difficulty of maintaining its weak recovery from the previous week. Over $1 billion in forced liquidations occurred in the crypto market within 24 hours. The decline began overnight on Sunday, driven by tensions from yen arbitrage trading, and continued into Monday's U.S. stock trading session. This triggered liquidations in the crypto market and raised new concerns about Bitcoin reserve companies selling off assets. By Monday afternoon, Bitcoin had fallen over 7% in 24 hours, trading below $85,000, effectively erasing its modest recovery since November 2. Bitcoin has dropped nearly 32% from its all-time high of $126,080 on October 6. Investment analyst and Coin Bureau co-founder Nic Puckrin stated that Bitcoin might be "one of the most susceptible assets to risk-off catalysts." Puckrin noted the recent lack of demand from ETFs and crypto reserve companies, exacerbating the market's liquidity shortage. He believes that the key level for Bitcoin to watch is $82,000, widely regarded as the average cost basis for many ETF investors and Bitcoin reserve companies.