Bitcoin is acting really weird right now. The price fluctuates without any stability. It went from $89,000 to $87,000, then out of nowhere it went back to $91,000 in this same four o’clock candle. The swings are truly crazy to watch.
What is concerning is that Bitcoin’s net realized profit/loss just turned red again. This means people are selling at a loss instead of making a profit, which is usually a sign of increasing pressure to capitulate. ETFs the streams are also quite quiet even though the Coinbase The Premium Index turned green, showing that the market is still in risk aversion mode.
It’s been almost two months since the October crash and Bitcoin still hasn’t gotten back above six figures. Looking at the daily chart, BTC has formed three highs below $80,000, $83,000 and $88,000 since mid-November. Each of them triggered a brief bounce but couldn’t hold.
But the liquidations tell the real story. Nearly $500 million was wiped out in 24 hours, with $171 million in long positions and $71 million in short positions liquidated in just four hours. Some analysts believe that whales are deliberately keeping Bitcoin in this loop in order to deleverage the market. Open Interest has fallen by $30 billion from its October peak, supporting this theory.
Conclusion
Bitcoin’s phase of controlled volatility suggests potential whale manipulation aimed at reducing overleveraged positions, creating uncertainty over whether $90,000 support will hold or break amid continued capitulation pressure.
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