80,000 has been breached, but this time it wasn't caused by leveraged liquidations.
Total crypto liquidations over the past 24 hours came to $119 million, including $82.01 million in long positions and $36.71 million in short positions.
Last weekend, the figure was between $578 million and $800 million. This time, it was only one-seventh as much.
The price broke down in both cases, but the nature of the moves is different. Last time, leverage was blowing up; this time, spot holders are selling.
After leveraged positions are liquidated, prices fall fast and rebound fast. When spot holders are selling, prices fall more slowly, but it's harder to find a bottom—because there are no more forced liquidations bringing buyers into the market to drive a rebound.
So I don't think this decline will accelerate, but I also don't expect a V-shaped reversal.
BTC at 79,660, down 1.40%. ETH at 2,311, down 2.09%. SOL at 101.11, down 1.31%.
All three are falling together. It's not just Bitcoin weakening; capital is pulling out of major cryptocurrencies across the board.
The first resistance level above is 82,000. There are $8.53 million in sell orders sitting on Coinbase, 3% above the current price.
Whales on Hyperliquid hold $8.015 billion in positions, with a long/short ratio of 0.87, indicating a bearish bias.
So a rebound to around 82,000 will most likely get pushed back down. It's both a technical resistance level and an area with a concentration of large sell orders.
There's one positive factor for U.S. stocks tonight, but its impact may be limited.
Brent crude surged to 117.45 intraday last Friday, breaking above 117 for the first time since April. WTI closed at 103.27. Prices are pulling back at today's open.
Technically, oil is already overbought. This pullback is good for risk appetite tonight, but the geopolitical issues remain unresolved; prices simply rose too quickly over a short period. So this positive factor may not last.
Two things to watch tonight.
Can BTC get back above 80,500? If not, the $855 million liquidation wall at 79,000 remains the next target.
Can oil prices continue to pull back? U.S. stocks won't see a meaningful rebound unless Brent falls below 115.
In a nutshell:
This downturn is mainly driven by gradual spot selling, not by leveraged positions being forcibly liquidated.
Gradual selling is harder to deal with than forced liquidations.
$BTC
#BTC
Total crypto liquidations over the past 24 hours came to $119 million, including $82.01 million in long positions and $36.71 million in short positions.
Last weekend, the figure was between $578 million and $800 million. This time, it was only one-seventh as much.
The price broke down in both cases, but the nature of the moves is different. Last time, leverage was blowing up; this time, spot holders are selling.
After leveraged positions are liquidated, prices fall fast and rebound fast. When spot holders are selling, prices fall more slowly, but it's harder to find a bottom—because there are no more forced liquidations bringing buyers into the market to drive a rebound.
So I don't think this decline will accelerate, but I also don't expect a V-shaped reversal.
BTC at 79,660, down 1.40%. ETH at 2,311, down 2.09%. SOL at 101.11, down 1.31%.
All three are falling together. It's not just Bitcoin weakening; capital is pulling out of major cryptocurrencies across the board.
The first resistance level above is 82,000. There are $8.53 million in sell orders sitting on Coinbase, 3% above the current price.
Whales on Hyperliquid hold $8.015 billion in positions, with a long/short ratio of 0.87, indicating a bearish bias.
So a rebound to around 82,000 will most likely get pushed back down. It's both a technical resistance level and an area with a concentration of large sell orders.
There's one positive factor for U.S. stocks tonight, but its impact may be limited.
Brent crude surged to 117.45 intraday last Friday, breaking above 117 for the first time since April. WTI closed at 103.27. Prices are pulling back at today's open.
Technically, oil is already overbought. This pullback is good for risk appetite tonight, but the geopolitical issues remain unresolved; prices simply rose too quickly over a short period. So this positive factor may not last.
Two things to watch tonight.
Can BTC get back above 80,500? If not, the $855 million liquidation wall at 79,000 remains the next target.
Can oil prices continue to pull back? U.S. stocks won't see a meaningful rebound unless Brent falls below 115.
In a nutshell:
This downturn is mainly driven by gradual spot selling, not by leveraged positions being forcibly liquidated.
Gradual selling is harder to deal with than forced liquidations.
$BTC
#BTC
