204.5 million dollars of futures positions were liquidated in 24 hours, and the hot CPI print is the reason sellers are still in control. 💥
CoinGlass data, reported by aktualita.co, puts 24 hour crypto liquidations at about 204.5 million dollars, after the US October CPI rose 0.4 percent month over month, above the 0.3 percent forecast, with core CPI up 0.3 percent, and Bitcoin sold off through 74,000 dollars to a 24 hour low near 72,700 dollars. 📊 Bitcoin failed to hold 75,000 dollars before the release, Ethereum is down 2.67 percent in 24 hours and Solana is down 3.53 percent, which tells me the market was positioned long into the print and got caught, and the flush is still working through the system. My reading is that a hot CPI with December hike odds rising is the worst mix for a market already sitting on its 200 day average, so longs should wait for the liquidation wave to finish before stepping in with size.
Did the CPI flush clear the weak longs, or is there another liquidation wave still to come? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Liquidations
CoinGlass data, reported by aktualita.co, puts 24 hour crypto liquidations at about 204.5 million dollars, after the US October CPI rose 0.4 percent month over month, above the 0.3 percent forecast, with core CPI up 0.3 percent, and Bitcoin sold off through 74,000 dollars to a 24 hour low near 72,700 dollars. 📊 Bitcoin failed to hold 75,000 dollars before the release, Ethereum is down 2.67 percent in 24 hours and Solana is down 3.53 percent, which tells me the market was positioned long into the print and got caught, and the flush is still working through the system. My reading is that a hot CPI with December hike odds rising is the worst mix for a market already sitting on its 200 day average, so longs should wait for the liquidation wave to finish before stepping in with size.
Did the CPI flush clear the weak longs, or is there another liquidation wave still to come? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Liquidations
