The crypto market has taken another major hit!
Yesterday, $BTC had just rebounded to $84,600, but today it’s close to falling below $81,000. $ETH has also dropped below $2,400, and in just one day, leveraged positions worth hundreds of millions of dollars have been liquidated again.
This sell-off isn’t just a crypto market problem. Gold $PAXG has also plunged, while international oil prices have risen again. The risk of inflation in the U.S. hasn’t gone away, and U.S. tech stocks have also seen significant selling.
More troublingly, BTC has tried to break above $85,000 several times over the past few days, but has been unable to hold above that level. Even with fresh inflows into spot ETFs, selling pressure has pushed prices back down.
I originally expected a stronger rebound, but it looks like the market will need a little more time.
If $80,000 fails to hold, we may have to retest $76,000.
Yesterday, $BTC had just rebounded to $84,600, but today it’s close to falling below $81,000. $ETH has also dropped below $2,400, and in just one day, leveraged positions worth hundreds of millions of dollars have been liquidated again.
This sell-off isn’t just a crypto market problem. Gold $PAXG has also plunged, while international oil prices have risen again. The risk of inflation in the U.S. hasn’t gone away, and U.S. tech stocks have also seen significant selling.
More troublingly, BTC has tried to break above $85,000 several times over the past few days, but has been unable to hold above that level. Even with fresh inflows into spot ETFs, selling pressure has pushed prices back down.
I originally expected a stronger rebound, but it looks like the market will need a little more time.
If $80,000 fails to hold, we may have to retest $76,000.