$115M in crypto longs getting wiped out in an hour is a pretty clean reminder that leverage gets dangerous when the macro tape suddenly turns risk-off. $BTC slipped below $77K as renewed U.S.-Iran tensions pushed oil higher and Treasury yields toward 4.8%.
The key level for me is still $75K. BTC has already pulled back from the ~$80K area, but it's holding relatively well compared with the broader risk-off move. If buyers defend $75K and reclaim $78K-$80K, this could just be a leverage flush and consolidation after August's strong rally. But lose $75K cleanly and I'd expect the market to start pricing in a deeper retracement, with $70K becoming the obvious next zone.
I'm not trying to call the bottom from one headline. I'd rather watch how BTC behaves after the liquidations. If sellers can't push it much lower despite the geopolitical pressure, that's information too.
$75K hold or 70K next... which side are you watching
#Bitcoin Price Prediction: What is Bitcoins next move?# #BTC Price Analysis# #Macro
The key level for me is still $75K. BTC has already pulled back from the ~$80K area, but it's holding relatively well compared with the broader risk-off move. If buyers defend $75K and reclaim $78K-$80K, this could just be a leverage flush and consolidation after August's strong rally. But lose $75K cleanly and I'd expect the market to start pricing in a deeper retracement, with $70K becoming the obvious next zone.
I'm not trying to call the bottom from one headline. I'd rather watch how BTC behaves after the liquidations. If sellers can't push it much lower despite the geopolitical pressure, that's information too.
$75K hold or 70K next... which side are you watching
#Bitcoin Price Prediction: What is Bitcoins next move?# #BTC Price Analysis# #Macro
