#BTC Falls Below $84K – The Storm Hits The King ⚡️
$BTC gave a warning today. Bitcoin briefly fell below $84k, touching lows of $83,800 yesterday after failing to break above the $87,200 high.
What caused this?
Major leveraged blowouts. Total liquidations in the crypto space amounted to $555.6 million for 24h, with $487.2 million of them being long position closes. Over 4 hours, $415 million in long positions were forced to close.
According to analysts, this is a standard case of deleveraging, where profits are taken after Q3 closed up with ~40%, along with high open interest and funding rates that made the market ripe.
But the overall picture remains constructive. It is a compression breakout, not a trend reversal.
$BITCOIN is still up 3.64% for the week and is trading far above its daily moving averages.
Institutional appetite remained strong with $190M+ ETF inflows amid the sell-off, while $82K-$83K level is vital.
Should the $83K level hold, we’re seeing healthy consolidation. Otherwise, $76K is the target.
Fear is temporary. The storm will pass. Who is buying, and who is watching?
#Bitcoin #BTC #cryptocrash
$BTC gave a warning today. Bitcoin briefly fell below $84k, touching lows of $83,800 yesterday after failing to break above the $87,200 high.
What caused this?
Major leveraged blowouts. Total liquidations in the crypto space amounted to $555.6 million for 24h, with $487.2 million of them being long position closes. Over 4 hours, $415 million in long positions were forced to close.
According to analysts, this is a standard case of deleveraging, where profits are taken after Q3 closed up with ~40%, along with high open interest and funding rates that made the market ripe.
But the overall picture remains constructive. It is a compression breakout, not a trend reversal.
$BITCOIN is still up 3.64% for the week and is trading far above its daily moving averages.
Institutional appetite remained strong with $190M+ ETF inflows amid the sell-off, while $82K-$83K level is vital.
Should the $83K level hold, we’re seeing healthy consolidation. Otherwise, $76K is the target.
Fear is temporary. The storm will pass. Who is buying, and who is watching?
#Bitcoin #BTC #cryptocrash
