There were deeper forces behind last night's sharp sell-off; it was about much more than just the U.S. government selling BTC.
The main catalyst was mounting pressure on U.S. liquidity, with reserves posting their steepest decline of the year.
October is typically a period when U.S. Treasury funds are tight, and this year the situation has become even more acute.
Without an influx of liquidity to support the market, buying power is naturally continuing to dry up.
Secondary factors shouldn't be overlooked either: with the midterm elections approaching, the market had already priced in related positive expectations, and the earlier rally had already delivered those gains.
$80,000 is a key psychological level for bulls. A decisive break below it would open the door to a much deeper decline.
But that also brings opportunity—this is the time to pick up coins at bargain prices.
$BTC
The main catalyst was mounting pressure on U.S. liquidity, with reserves posting their steepest decline of the year.
October is typically a period when U.S. Treasury funds are tight, and this year the situation has become even more acute.
Without an influx of liquidity to support the market, buying power is naturally continuing to dry up.
Secondary factors shouldn't be overlooked either: with the midterm elections approaching, the market had already priced in related positive expectations, and the earlier rally had already delivered those gains.
$80,000 is a key psychological level for bulls. A decisive break below it would open the door to a much deeper decline.
But that also brings opportunity—this is the time to pick up coins at bargain prices.
$BTC