Bitcoin Stuck Below $90K as Leveraged Buyers Absorb Crushing Liquidations

Bitcoin's price remains stagnant around $90,000 as a series of forced liquidations has left leveraged buyers reeling. Data from Axel Adler shows that long positions are dominating the liquidation landscape, with sellers firmly in control and preventing any sustained recovery attempts.

The 'liquidation dominance oscillator' has reached a three-year high of 32%, indicating that long positions are absorbing the majority of losses. This metric measures the ratio between long and short liquidations across derivatives markets.

November saw multiple waves of liquidations, each exceeding $400 million and corresponding with sharp declines in Bitcoin's price. The most recent wave totaled $221 million and occurred as BTC attempted a short-term recovery, immediately reversing gains and pushing the asset back toward the $86,000 region.