BlockBeats News, November 12th, according to The Block, Kronos Research Chief Investment Officer Vincent Liu said: “Bitcoin’s drop was mainly due to profit-taking and a large number of long liquidations after failing to reclaim the $107,000 resistance level.”
He pointed out that Bitcoin’s brief rebound was driven by the U.S. Senate passing the government funding bill, boosting market risk appetite. However, this was not enough to offset profit-taking pressure, leverage liquidations, and ongoing technical weakness.
Vincent Liu stated: “The rebound from macro tailwinds quickly faded.” He noted that $100,000 is the next key psychological support level, “further downside could trigger more selling pressure and exacerbate market volatility.”
