Brothers, this market today is really a love-hate situation! BTC has been hovering around $83,000, dipping below $81,000 one moment and bouncing back to $84,000 the next. The swings are so wild my heart can barely take it. Last night’s sell-off completely wiped out the bulls. CoinGlass data shows that $725 million in positions were liquidated across the market in the past 24 hours: $588 million in longs and only $137 million in shorts. A total of 154,689 traders were liquidated. The largest single liquidation was a long position worth nearly $10 million on Binance BTCUSDT, wiped out around $81,772. It was a bloodbath!
I feel like the whole market is holding its breath for today’s US September CPI data. The year-over-year figure is expected to come in at 3.6%–3.7%, with core CPI possibly around 0.2%. If the data comes in hot, rate-hike expectations could rise again, pushing up the dollar and Treasury yields. BTC might then retest support at $81,000 or even lower. If the data is cooler, it could give risk assets some breathing room and help BTC climb above $84,000. ETF outflows were also pretty severe last week: spot BTC ETFs saw net outflows of over $600 million, the largest in several months. Institutions are sitting on the sidelines, and that source of buying support has temporarily dried up.
Wintermute also said the market has lost its flow support, putting short-term pressure on BTC. But BTC’s market dominance has risen to around 59.5%, while altcoins are relatively weaker. $ETH is struggling around $2,500 and has fallen a bit harder than BTC, while $BNB has been relatively resilient. My personal take: don’t go opening high-leverage contracts recklessly in the short term. Choppy markets are where liquidations happen most easily. Support is around $81K, resistance is at $84.5K—wait for the CPI data before making a decision. I’m still bullish on $BTC as digital gold in the long run, but in this environment, holding spot makes for a much better night’s sleep.
Brothers, give that follow button a little tap so you can get the next update sooner!!
I feel like the whole market is holding its breath for today’s US September CPI data. The year-over-year figure is expected to come in at 3.6%–3.7%, with core CPI possibly around 0.2%. If the data comes in hot, rate-hike expectations could rise again, pushing up the dollar and Treasury yields. BTC might then retest support at $81,000 or even lower. If the data is cooler, it could give risk assets some breathing room and help BTC climb above $84,000. ETF outflows were also pretty severe last week: spot BTC ETFs saw net outflows of over $600 million, the largest in several months. Institutions are sitting on the sidelines, and that source of buying support has temporarily dried up.
Wintermute also said the market has lost its flow support, putting short-term pressure on BTC. But BTC’s market dominance has risen to around 59.5%, while altcoins are relatively weaker. $ETH is struggling around $2,500 and has fallen a bit harder than BTC, while $BNB has been relatively resilient. My personal take: don’t go opening high-leverage contracts recklessly in the short term. Choppy markets are where liquidations happen most easily. Support is around $81K, resistance is at $84.5K—wait for the CPI data before making a decision. I’m still bullish on $BTC as digital gold in the long run, but in this environment, holding spot makes for a much better night’s sleep.
Brothers, give that follow button a little tap so you can get the next update sooner!!