81K finally got pierced—and with a wick.
In the past hour, $BTC plunged straight from 81,800 to 80,226, then bounced back to 81,200, leaving a lower wick of over a thousand dollars. This morning I said it had been consolidating around 81,600 over the past couple of days, and that a retest of 81K was bound to happen sooner or later. I didn’t expect it to happen before the PPI numbers even came out.
$ETH fared even worse, hitting a low of 2,318—its lowest in 30 days. It’s already down 5.7% in 24 hours, a lot weaker than Bitcoin. ETH has been the biggest loser ever since CPI day.
Moves like this are usually about flushing out leverage—taking out the stop-losses on the long positions stacked below 81K. The fact that it bounced back so quickly means there are still buyers around the low 80Ks, which is good news. But structurally, 81K is no longer clean support. If it gets tested again, that level will be less reliable.
PPI is out tonight at 20:30. At this price level, if the data comes in hot again, that wick at 80K may turn out to be more than just a wick. I’m not holding any positions; I’ll wait for the data and see.
#BTC #ETH
In the past hour, $BTC plunged straight from 81,800 to 80,226, then bounced back to 81,200, leaving a lower wick of over a thousand dollars. This morning I said it had been consolidating around 81,600 over the past couple of days, and that a retest of 81K was bound to happen sooner or later. I didn’t expect it to happen before the PPI numbers even came out.
$ETH fared even worse, hitting a low of 2,318—its lowest in 30 days. It’s already down 5.7% in 24 hours, a lot weaker than Bitcoin. ETH has been the biggest loser ever since CPI day.
Moves like this are usually about flushing out leverage—taking out the stop-losses on the long positions stacked below 81K. The fact that it bounced back so quickly means there are still buyers around the low 80Ks, which is good news. But structurally, 81K is no longer clean support. If it gets tested again, that level will be less reliable.
PPI is out tonight at 20:30. At this price level, if the data comes in hot again, that wick at 80K may turn out to be more than just a wick. I’m not holding any positions; I’ll wait for the data and see.
#BTC #ETH