Why did BTC fall?
A cascade of automatic liquidations triggered panic, with US$659 million in forced liquidations of futures contracts held by investors betting on prices going up (longs), accelerating the drop toward the US$78k zone.
Binance said that users’ funds are safe (SAFU) and that it is investigating whether the massive flows are part of routine rebalancing or an attempted exploit.
What is the suspicion?
We were surprised by a movement of 2 billion dollars on Binance and a transfer to Uniswap, but Binance’s security was activated and blocked 1.8 billion dollars. The cracker’s account is being tracked.
During this scare, BTC, which had been rising, saw clients start panic-selling. They only stopped after Binance founder Changpeng Zhao (CZ) made an official announcement, publicly assuring everyone that users’ funds are completely safe under the protection of the SAFU fund. Binance also opened an investigation and began an urgent internal audit to look into the potential security breach.
How did this drop start?
Cascade Effect (Liquidations): The spread of these rumors caused instant panic, triggering more than US$659 million in forced liquidations of futures contracts held by investors betting on prices going up (longs), accelerating the drop toward the US$78k range.
Our strategy
The short-term support at 80k–79k was broken by panic liquidations. If selling pressure continues, we will need to monitor: 1. Immediate Support: 78500–78k, a level that held as support after the panic.
2. Psychological Support: 76k–75200k, a level caused by FUD (fear, uncertainty, and doubt);
3. Critical Support: 72k. A watershed level for a
new rally.
Attention: if BTC loses EMA 427, which is a moving average of strong psychological significance, and daily candles close below it, the very short-term bias turns bearish.
$BTC
A cascade of automatic liquidations triggered panic, with US$659 million in forced liquidations of futures contracts held by investors betting on prices going up (longs), accelerating the drop toward the US$78k zone.
Binance said that users’ funds are safe (SAFU) and that it is investigating whether the massive flows are part of routine rebalancing or an attempted exploit.
What is the suspicion?
We were surprised by a movement of 2 billion dollars on Binance and a transfer to Uniswap, but Binance’s security was activated and blocked 1.8 billion dollars. The cracker’s account is being tracked.
During this scare, BTC, which had been rising, saw clients start panic-selling. They only stopped after Binance founder Changpeng Zhao (CZ) made an official announcement, publicly assuring everyone that users’ funds are completely safe under the protection of the SAFU fund. Binance also opened an investigation and began an urgent internal audit to look into the potential security breach.
How did this drop start?
Cascade Effect (Liquidations): The spread of these rumors caused instant panic, triggering more than US$659 million in forced liquidations of futures contracts held by investors betting on prices going up (longs), accelerating the drop toward the US$78k range.
Our strategy
The short-term support at 80k–79k was broken by panic liquidations. If selling pressure continues, we will need to monitor: 1. Immediate Support: 78500–78k, a level that held as support after the panic.
2. Psychological Support: 76k–75200k, a level caused by FUD (fear, uncertainty, and doubt);
3. Critical Support: 72k. A watershed level for a
new rally.
Attention: if BTC loses EMA 427, which is a moving average of strong psychological significance, and daily candles close below it, the very short-term bias turns bearish.
$BTC