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    Bitcoin experiences partial recovery after major dip and extensive liquidations

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    On November 26, Bitcoin experienced a partial recovery after a significant dip resulted in over $500 million in long crypto positions liquidated. The cryptocurrency briefly hit a low of $92,600 on Bitstamp amid doubts over the market’s stability. Experts noted the importance of maintaining the magic line at $92.5K – $92K, as a dip below this could trigger a larger sell-off. Despite the liquidations, leverage in the market remains high, offering an opportunity for bears.

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    Bitcoin (BTC) made a bit of a recovery on November 26th after a rough day that saw over $500 million worth of crypto long positions get liquidated.

    Data sources from Cointelegraph Markets Pro and TradingView indicated that the price of Bitcoin hit a local low at $92,600 on Bitstamp. This came after a significant $5,000 drop in Bitcoin’s value during November 25th. A slight rebound from this low point wasn’t enough to make people feel like the worst was over.

    Keith Alan, co-founder of Material Indicators, made some comments about the Bitcoin price chart, hinting that it doesn’t seem like a solid support level has been tested. He mentioned that it feels more like a short-term increase in price designed to bait some investors into thinking the market is recovering.

    Next, well-known trader Skew said that the area just below the local lows is something bulls really need to keep a hold of. He pointed out that if Bitcoin’s price drops below the $92.5K – $92K area, it could cause a larger sell-off in the market overall.

    Meanwhile, CoinGlass data showed a total of $525 million in cross-crypto liquidations over the last 24 hours. Sina, co-founder of 21st Capital, reacted by saying that leveraged long positions got completely wiped out. He also suggested that if the Bitcoin price starts to rise and clears the $1.5 billion short liquidation level at $97K, things could get really interesting.

    In conclusion, despite a wave of liquidation, overall leverage remains high in the market. This could provide bears with an opportunity to cash in before the price gets close to the $93K level again.

    This information isn’t meant to be taken as investment advice or recommendations. Every investment and trading decision carries some risk, so it’s crucial to do your own research before making a move.

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