Support levels keep falling! A midnight waterfall hits, and the root cause of the plunge is explained once and for all 📉
No one expected that the successive macro news would directly smash the market!
At 22:00:24, the U.S. 10-year Treasury yield surged to 5.04%, the highest level since 2007.
As soon as the news landed, $BTC $ETH $ZEC instantly triggered a dive. Earlier, Big Cake had surged with heavy volume toward 85905; it looked like it was about to hold above 85,900, but one piece of data directly flipped the fundamentals.
Then at 22:05, Fed Governor Barr spoke: he doesn’t rule out further rate hikes, to ensure inflation falls back to the 2% target.
With the market entering a downtrend pause, Big Cake immediately broke below 84,000, and ETH fell through 2,700.
BTC long positions were liquidated for $70.52 million, and ETH longs were liquidated for $60.63 million.
A brutal test for the long side.
The bearish pressure kept piling on:
During the remarks by Iranian President Pezeshkian in the U.S.-Iran context, the U.S. delegation left the venue.
The event further amplified the market’s pessimistic sentiment.
Across the entire network, long positions liquidated totaled $240 million.
Optimism for U.S.-Iran de-escalation fell short, and the market re-priced the likelihood of rate hikes in October or December. Musk 🔥⭐🐶M ar v in⬇️b⬇️s⬇️c
In this round, the bears have won decisively—many long accounts were severely hit.
💬 Do you think this drop is just a short-term pullback or a trend reversal? #比特币两度受阻87300美元 #BCH因CME期货上线涨约28% #华尔街盈利预期23周来首现看空 #美元指数时隔两月重上101
No one expected that the successive macro news would directly smash the market!
At 22:00:24, the U.S. 10-year Treasury yield surged to 5.04%, the highest level since 2007.
As soon as the news landed, $BTC $ETH $ZEC instantly triggered a dive. Earlier, Big Cake had surged with heavy volume toward 85905; it looked like it was about to hold above 85,900, but one piece of data directly flipped the fundamentals.
Then at 22:05, Fed Governor Barr spoke: he doesn’t rule out further rate hikes, to ensure inflation falls back to the 2% target.
With the market entering a downtrend pause, Big Cake immediately broke below 84,000, and ETH fell through 2,700.
BTC long positions were liquidated for $70.52 million, and ETH longs were liquidated for $60.63 million.
A brutal test for the long side.
The bearish pressure kept piling on:
During the remarks by Iranian President Pezeshkian in the U.S.-Iran context, the U.S. delegation left the venue.
The event further amplified the market’s pessimistic sentiment.
Across the entire network, long positions liquidated totaled $240 million.
Optimism for U.S.-Iran de-escalation fell short, and the market re-priced the likelihood of rate hikes in October or December. Musk 🔥⭐🐶M ar v in⬇️b⬇️s⬇️c
In this round, the bears have won decisively—many long accounts were severely hit.
💬 Do you think this drop is just a short-term pullback or a trend reversal? #比特币两度受阻87300美元 #BCH因CME期货上线涨约28% #华尔街盈利预期23周来首现看空 #美元指数时隔两月重上101