Bitcoin Struggles for Direction in Run-Up to Christmas + More News

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This past week marked the first instance of a weekly bitcoin (BTC) price decrease after eight consecutive weeks of price appreciation. This signals anticipated market movements aimed at reducing market leverage, according to Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International.

Some $345 million worth of long and short positions were liquidated during the week, with the majority of liquidations affecting long positions, totaling around $235 million, Greco said in an email.

That said, the strong uptrend price movements also resulted in about $110 million in liquidation of short positions.

“High volatility is a typical outcome following periods of significant uptrends and downtrends, triggering a cascade of liquidations that reduce market leverage and contribute to a more sustainable price action and market environment,” Greco commented. “Traders often capitalize on moments of heightened volatility to attract liquidity and readjust their positions.”

Bitcoin dominance declined from 53.46% to 53.11% in a week, indicating the robust resilience of altcoins compared to the leading digital asset during the recent downtrend.

This suggests active investor engagement, as this pattern typically occurs when investors swiftly allocate capital across various altcoins in search of short-term profitability, Greco said.

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