🚨 Shock in the markets! 📉 Bitcoin plunges as institutional funds flee with $643 million
🚨 Shock in the markets! 📉 Bitcoin plunges as institutional funds flee with $643 million! 🤯
Is this just a “passing correction” or the beginning of a bigger crash?
The market and the numbers don’t lie! Let’s break down the situation with the most important details:
* Fallout from the Binance breach: The effects of the platform’s recent $6.3 billion breach on October 29 continue to severely undermine investor confidence.
* Biggest institutional outflow: U.S. spot Bitcoin funds recorded massive net outflows of $643 million on October 30, their largest single-day outflow since June!
* Leverage carnage: Bitcoin liquidations surged by a staggering 201%, reaching $47.49 million in just 24 hours, accelerating the decline.
*🤔 Alarming correlation: Bitcoin is moving in strong correlation with the technology-company ETF (QQQ ETF), at 91%, confirming that it is subject to the same broader economic pressures.
🔮 Bitcoin’s path (where are we headed?):
* 🙏🙏Rescue zone (demand): If Bitcoin holds firm and stays above the demand zone between $75,000 and $78,000, we could see a rocket-like rebound toward $82,000!
* 🛑Danger zone: But a break below $75,000 and a daily close beneath it would be a clear signal of a decline toward $73,000.
* A nearby bombshell: the U.S. midterm elections on November 3
#BTC $BTC
🚨 Shock in the markets! 📉 Bitcoin plunges as institutional funds flee with $643 million! 🤯
Is this just a “passing correction” or the beginning of a bigger crash?
The market and the numbers don’t lie! Let’s break down the situation with the most important details:
* Fallout from the Binance breach: The effects of the platform’s recent $6.3 billion breach on October 29 continue to severely undermine investor confidence.
* Biggest institutional outflow: U.S. spot Bitcoin funds recorded massive net outflows of $643 million on October 30, their largest single-day outflow since June!
* Leverage carnage: Bitcoin liquidations surged by a staggering 201%, reaching $47.49 million in just 24 hours, accelerating the decline.
*🤔 Alarming correlation: Bitcoin is moving in strong correlation with the technology-company ETF (QQQ ETF), at 91%, confirming that it is subject to the same broader economic pressures.
🔮 Bitcoin’s path (where are we headed?):
* 🙏🙏Rescue zone (demand): If Bitcoin holds firm and stays above the demand zone between $75,000 and $78,000, we could see a rocket-like rebound toward $82,000!
* 🛑Danger zone: But a break below $75,000 and a daily close beneath it would be a clear signal of a decline toward $73,000.
* A nearby bombshell: the U.S. midterm elections on November 3
#BTC $BTC
