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    Bitcoin slides 3% to below $90,000 despite MicroStrategy’s massive $4.6 billion buy, fears of a drop to $70,000 loom

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    Bitcoin’s price dropped by 3%, despite MicroStrategy’s purchase of $4.6 billion worth of Bitcoin. This drop follows a new all-time high of $93,500 on Nov.13, and some suspect the price may fall to as low as $70,000. Traders noted increased short positioning as Bitcoin dipped below $90,000, with $35 million in long liquidations in the last 24 hours. The drop happened despite significant purchases and it’s suggested that the area might be defended.

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    Bitcoin (BTC) lost some of the gains it had made earlier this week at the start of trading on Wall Street on Nov. 18, due to a surge in liquidity looking for late longs. BTC’s price fell by 3%, sinking below last week’s closing record high.

    The drop in price came despite news that business intelligence company MicroStrategy had bought a whopping $4.6 billion worth of Bitcoin over the past week. This sizable purchase may have dampened the mood a bit. In the cryptocurrency community, people often notice a short-term drop in price after large purchases are announced, as it helps explain why so much buying took place.

    The BTC price hit a new all-time high of roughly $93,500 on Nov. 13 before becoming more unstable. The price then dipped to just under $87,000. However, according to popular trader and commentator Josh Rager, nothing has really changed with Bitcoin. It’s simply fluctuating in the market, which is perfectly healthy following a 40% increase in just over a week.

    There are some who believe that Bitcoin’s price might drop further. Some traders are looking at “buy the dip” targets as low as $70,000. Trader and entrepreneur Michaël van de Poppe said he’s confident that the price dips are still a good buying opportunity. He thinks there might be a significant drop across all markets in the next 1-2 weeks, but for now, he says to enjoy the upward ride.

    Some opportunists ended up on the losing end when Bitcoin began its path downwards, with a wall of liquidity coming in as BTC dropped below $90,000. As the price dropped, popular trader Skew noticed that short positioning was increasing. The number of Bitcoin long liquidations came to around $35 million in the last 24 hours.

    As Skew noted, these walls usually get pulled, but this time they actually got sold into and mostly got filled. This was rather unexpected, and there is speculation about whether this price area will be defended now. To add to the unusual activity, Trader Daan Crypto Trades pointed out that Bitcoin had filled its latest “gap” on the Bitcoin futures market run by the CME Group.

    Please note, all investments and trading moves come with risks. Make sure to do your own research when making decisions.

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