What happened in crypto tonight? $BTC fell below $82,000, with $771 million liquidated across the market in 24 hours
Here’s what happened: The sell-off kicked off during Monday’s US trading session, with $BTC plunging to a low of $81,034 (its 24-hour low on Binance). Liquidations across the market totaled $771 million, including $685.6 million in long positions—the bulls were basically wiped out. ETH, SOL, and XRP all followed suit.
There were three main drivers: ① The US Dollar Index hit an 18-month high, sending money fleeing to safe havens; ② US Treasury yields rose; ③ Spot $BTC ETFs saw $681.1 million in net outflows last week (their worst week since late June), while ETH ETFs also saw $542 million in outflows—institutions got out before the CPI report.
Current prices: $BTC $83,765 (rebounding), ETH $2,530, SOL $108.4.
Support and resistance:
Support: $81,034 (overnight low), $80,400
Resistance: $84,352 (24-hour high; the first level to watch in a rebound)
Scenarios:
A. A high-volume rebound above $84,352 → shorts give up; watch $85,500
B. Holds between $83,000–$84,000 → more choppy action ahead of CPI
C. Falls below $81,034 → the $80,000 level is in serious danger
My stance: Cautious and bearish in the short term. This rebound looks more like short-covering than dip buyers stepping in. I’ll admit I’m wrong and turn bullish if it breaks above $84,352 on strong volume.
CPI comes out tomorrow at 20:30. Don’t make reckless moves during tonight’s US session.
⚠️Just my personal ramblings; this is not investment advice.
#BTC #Bitcoin
Here’s what happened: The sell-off kicked off during Monday’s US trading session, with $BTC plunging to a low of $81,034 (its 24-hour low on Binance). Liquidations across the market totaled $771 million, including $685.6 million in long positions—the bulls were basically wiped out. ETH, SOL, and XRP all followed suit.
There were three main drivers: ① The US Dollar Index hit an 18-month high, sending money fleeing to safe havens; ② US Treasury yields rose; ③ Spot $BTC ETFs saw $681.1 million in net outflows last week (their worst week since late June), while ETH ETFs also saw $542 million in outflows—institutions got out before the CPI report.
Current prices: $BTC $83,765 (rebounding), ETH $2,530, SOL $108.4.
Support and resistance:
Support: $81,034 (overnight low), $80,400
Resistance: $84,352 (24-hour high; the first level to watch in a rebound)
Scenarios:
A. A high-volume rebound above $84,352 → shorts give up; watch $85,500
B. Holds between $83,000–$84,000 → more choppy action ahead of CPI
C. Falls below $81,034 → the $80,000 level is in serious danger
My stance: Cautious and bearish in the short term. This rebound looks more like short-covering than dip buyers stepping in. I’ll admit I’m wrong and turn bullish if it breaks above $84,352 on strong volume.
CPI comes out tomorrow at 20:30. Don’t make reckless moves during tonight’s US session.
⚠️Just my personal ramblings; this is not investment advice.
#BTC #Bitcoin