Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Bitcoin price today: $87,600 Bitcoin trades in red on Wednesday, extending losses after reaching a new all-time high of $89,940 on Tuesday. Technical indicators suggest the ongoing rally in BTC is overstretched and a corrective pullback could occur. BTC’s Miner Position Index reaches a yearly high, signaling miners booking profits and increasing the selling pressure.
With BTC just below the critical $90k level, the end-November basis has surged to over 18%, accompanied by strong interest in far-out calls at 110k and 120k strikes. This trend points to heightened demand for margin and leverage as investors position for further breakout potential.” Bitcoin Price Forecast: BTC bulls show signs of exhaustion Bitcoin price reached a new all-time of $89,940 on Tuesday after rallying for seven consecutive days, suggesting the rally may be overstretched.
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