$100k and $3k ETH in Danger

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Bitcoin has tripped the $100k level Ethereum approaches $3k with haste Some investors get rich while others struggle because they never learned there are two completely different strategies to building wealth. Don’t make the same mistake, learn about both here.

November’s down only start has been absolutely brutal for crypto markets. Bitcoin is approaching levels not seen since June of this year, and looks to fully retrace the gains made in Q3 and early Q4. In the last 24 hours, over $550m in bitcoin has been liquidated, with nearly $1.8b getting eviscerated in all crypto markets. Bitcoin is trading below $100,000, an incredibly important price level.

Markets have a thing for even numbers, they are pleasing to the eye and reward system of the human mind. $100,00 was once an ambitious and nearly unfathomable price goal, and now represents an ever so important level for bitcoin to hold, or the cries for crypto winter will grow louder and louder.

Once again, Ethereum is down even worse than bitcoin on the day, rapidly approaching the $3,000 level. This is Ethereum’s lowest level since July, and traders are positioning for things to go lower into the end of the year. December 26 expiry options are showing more and more volume for puts below the $2,000 level. While much of this is position hedging, this is not a great sign to see. DAT’s might have to begin unwinding positions, especially for those participating in on-chain protocols as they approach liquidation levels.

This will be done in order to prevent their share prices from falling to large discounts relative to their mNAV through share buybacks. This type of reflexive situation creates a rather unwanted flywheel effect, putting immense downward pressure on ETH with large sell orders hitting the tape. The market will need a series of positive news and catalysts to stop this downward trend.

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