🚨 BREAKING: Bitcoin Just Dropped $2,200 in Under Two Hours
BTC slid from around $85.6K to a low near $83.4K, and leveraged longs took the hit. Liquidation trackers reportedly show over $400 million in longs wiped out.
Why so fast? 👀
The range had been squeezing for days, with lower highs pressing on higher lows. Stops and liquidation levels likely sat just under the range floor near $85K. Once price slipped through, every forced sell pushed it lower and triggered the next one. That's a liquidation cascade.
For the record, this morning we said losing $84.9K would put the $83K to $84K cushion in play. It took a couple of hours. Price now sits around $83,840, right inside that zone.
What comes next depends on whether the cushion holds.
Hold $83.4K, and this can turn into a flush that cleared out late leverage, a reset rather than a breakdown.
Lose $83K, and the $80K to $81.3K zone becomes the next magnet.
Bulls need back above $85K to repair the damage.
The Fed's September meeting minutes land later today at 2 p.m. ET, so the volatility may not be done.
Cascades end when the forced sellers run out. Don't become one of them.
Flush and recover, or more pain toward $81K? 🔥
Not financial advice. $BTC
$RLC
$BR
BTC slid from around $85.6K to a low near $83.4K, and leveraged longs took the hit. Liquidation trackers reportedly show over $400 million in longs wiped out.
Why so fast? 👀
The range had been squeezing for days, with lower highs pressing on higher lows. Stops and liquidation levels likely sat just under the range floor near $85K. Once price slipped through, every forced sell pushed it lower and triggered the next one. That's a liquidation cascade.
For the record, this morning we said losing $84.9K would put the $83K to $84K cushion in play. It took a couple of hours. Price now sits around $83,840, right inside that zone.
What comes next depends on whether the cushion holds.
Hold $83.4K, and this can turn into a flush that cleared out late leverage, a reset rather than a breakdown.
Lose $83K, and the $80K to $81.3K zone becomes the next magnet.
Bulls need back above $85K to repair the damage.
The Fed's September meeting minutes land later today at 2 p.m. ET, so the volatility may not be done.
Cascades end when the forced sellers run out. Don't become one of them.
Flush and recover, or more pain toward $81K? 🔥
Not financial advice. $BTC
$RLC
$BR
