$370 million in liquidations across the market in just one hour, with BTC longs alone taking a brutal $102 million hit. The price decisively broke below $84,000 during the session.
Some people casually dismiss this kind of sell-off as a “normal wick,” but the mass liquidation of leveraged longs in such a short time exposed a complete collapse in buying support. The fact that even the round-number level of $84,000 couldn’t hold shows that buyers in the market had no intention of defending the price halfway down.
When the defense line is smashed through by a wave of blood-soaked selling, don’t rush in to catch it. Until leveraged longs have been fully flushed out, blindly buying the dip is just catching a falling knife.
#BTC
👇
Some people casually dismiss this kind of sell-off as a “normal wick,” but the mass liquidation of leveraged longs in such a short time exposed a complete collapse in buying support. The fact that even the round-number level of $84,000 couldn’t hold shows that buyers in the market had no intention of defending the price halfway down.
When the defense line is smashed through by a wave of blood-soaked selling, don’t rush in to catch it. Until leveraged longs have been fully flushed out, blindly buying the dip is just catching a falling knife.
#BTC
👇
