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After hitting a new all-time high of $104K, Bitcoin began consolidating above $100K before a sharp liquidation event triggered a 13% drop. Over $1 billion in liquidations occurred, with $816 million in long positions and $279 million in shorts wiped out. In total, 210,928 traders faced liquidations, with the largest single event—a $18.94 million position—happening on OKX.
This marked the largest liquidation event since early August, when Bitcoin dropped from $58K to $49K, a 15% correction that saw $969 million liquidated—nearly 10% less than yesterday’s sell-off.
Events like this serve as a stark reminder of crypto’s inherent volatility and the dangers of leverage trading. We strongly advocate for buying Bitcoin and cryptocurrencies on spot markets to mitigate these risks. Yesterday’s events perfectly illustrate the perils of leverage, reinforcing the importance of prudent trading strategies.
There’s an old adage in trading: the 90-90-90 rule—90% of traders lose 90% of their capital within their first 90 days. Keep this rule in mind, avoid leverage and stick to buying Spot cryptocurrency.
For those feeling underexposed or fearing they’ve missed the opportunity, now may be the perfect time to strengthen your Bitcoin position. The market remains in its early stages, presenting a golden chance for long-term believers. Contact your Stormrake Crypto Broker to capitalise on this moment.
Stormrake Spotlight: Artificial Super Intelligence (FET) ($2.12)
Stormrake Spotlight: Artificial Super Intelligence (FET) ($2.12)
In the aftermath of yesterday’s correction, FET has surged, currently up 10% since our first mention in the Morning Note. Investors who bought during the consolidation or the sharp dip have been handsomely rewarded. Despite its recent gains, FET remains heavily undervalued, with the potential for further upside.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin experienced a sharp correction but recovered quickly, maintaining bullish momentum. The 21EMA remains above the 55EMA, with BTC trading above both indicators. While BTC is currently forming a potential lower high, which could signal a bearish shift, it remains above the critical $100K support level. As long as this support holds, a retest of recent highs is likely while trading above the 21EMA.
BTC Total ETF Flows for 6 Dec: $ - 0.6 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum continues to outperform Bitcoin, rallying higher for the third consecutive day. ETH remains in a strong bullish structure, consistently forming higher highs and lows. Momentum is firmly with the bulls, as ETH trades well above the 21EMA, with no imminent risk of a bearish cross like Bitcoin. Should ETH retrace, the 21EMA and 55EMA are expected to act as strong support levels, with $3,887 as a critical fallback support.
ETH Total ETF Flows for 6 Dec: $ - 0.2 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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