You don't need good news for $BTC to bounce. You just need sellers to run out.
Last week, $6.3B drained from Binance in 20 minutes, the biggest hack ever. Then a US election that handed both chambers of Congress to the Democrats.
Today #BTCRebounds80K . Here's why:
- The hack hit Binance, not Bitcoin. Bitwise checked the 10 biggest hacks ever: BTC was higher 30 days later in 5, lower in 5.
- The election fear was priced in. BTC wicked to about $75.6K on election night, then bounced 5%+.
- Shorts paid for the move: $453M liquidated in one hour, 96% of BTC liquidations were shorts.
Last week, $6.3B drained from Binance in 20 minutes, the biggest hack ever. Then a US election that handed both chambers of Congress to the Democrats.
Today #BTCRebounds80K . Here's why:
- The hack hit Binance, not Bitcoin. Bitwise checked the 10 biggest hacks ever: BTC was higher 30 days later in 5, lower in 5.
- The election fear was priced in. BTC wicked to about $75.6K on election night, then bounced 5%+.
- Shorts paid for the move: $453M liquidated in one hour, 96% of BTC liquidations were shorts.