Bitcoin is facing two very different stress tests at the same time.
$BTC is trading around the mid-$75K area after the U.S. Senate failed to advance major crypto market-structure legislation, triggering a broader risk-off move across digital assets.
But the leverage reset may be just as important as the headline itself.
Roughly $570M in bullish crypto futures positions were liquidated over the past 24 hours, with BTC and $ETH taking the largest share of the long liquidations.
Now the market immediately faces another catalyst: the Fed.
U.S. 10-year Treasury yields are still hovering near 5%, while markets are pricing a high probability of a 25bp rate hike today.
That makes the next reaction particularly interesting. If Bitcoin stabilizes after both a regulatory disappointment and a leverage flush while yields remain elevated, that would tell us more about underlying demand than yesterday's pre-Fed price action did.
I’m watching the reaction after the Fed rather than trying to predict the first move.
After this leverage reset, what would you watch first for confirmation — $BTC reclaiming lost levels or Treasury yields moving back below 5%?
#bitcoin #Macro
$BTC is trading around the mid-$75K area after the U.S. Senate failed to advance major crypto market-structure legislation, triggering a broader risk-off move across digital assets.
But the leverage reset may be just as important as the headline itself.
Roughly $570M in bullish crypto futures positions were liquidated over the past 24 hours, with BTC and $ETH taking the largest share of the long liquidations.
Now the market immediately faces another catalyst: the Fed.
U.S. 10-year Treasury yields are still hovering near 5%, while markets are pricing a high probability of a 25bp rate hike today.
That makes the next reaction particularly interesting. If Bitcoin stabilizes after both a regulatory disappointment and a leverage flush while yields remain elevated, that would tell us more about underlying demand than yesterday's pre-Fed price action did.
I’m watching the reaction after the Fed rather than trying to predict the first move.
After this leverage reset, what would you watch first for confirmation — $BTC reclaiming lost levels or Treasury yields moving back below 5%?
#bitcoin #Macro