Liquidation storm hits markets... Can Bitcoin support at #BTC hold?
Over the past 24 hours, we have seen a sharp downturn spread from traditional markets and tech stocks to the cryptocurrency market, resulting in severe liquidations exceeding $1.03 billion. The largest share came from long positions, with Bitcoin positions alone accounting for $253.66 million in liquidations.
What's happening behind the scenes?
Strong correlation with traditional markets: The correlation between Bitcoin and the SPY ETF reached around 0.98, as the Nasdaq Composite fell to its lowest level in more than a year.
Impact of leverage: Excessive position buildup and a 28.53% rise in open interest sparked an escalating cycle of margin calls and forced selling.
Oversold territory: The RSI14 reached levels close to 28.45, indicating that the market has entered clearly oversold territory, alongside a drop in the Fear and Greed Index to 33 (Fear).
Key levels to watch:
Main support range: Currently between $75,600 and $76,000; holding this zone could pave the way for a short-term rebound toward resistance at $78,000.
Support breakdown: If selling pressure resumes and this support fails, we could see a corrective move extend toward the next support level near $73,000.
#Binance98PercentReplenished #Binance #BTC走势分析 #btc走勢 $BTC
Over the past 24 hours, we have seen a sharp downturn spread from traditional markets and tech stocks to the cryptocurrency market, resulting in severe liquidations exceeding $1.03 billion. The largest share came from long positions, with Bitcoin positions alone accounting for $253.66 million in liquidations.
What's happening behind the scenes?
Strong correlation with traditional markets: The correlation between Bitcoin and the SPY ETF reached around 0.98, as the Nasdaq Composite fell to its lowest level in more than a year.
Impact of leverage: Excessive position buildup and a 28.53% rise in open interest sparked an escalating cycle of margin calls and forced selling.
Oversold territory: The RSI14 reached levels close to 28.45, indicating that the market has entered clearly oversold territory, alongside a drop in the Fear and Greed Index to 33 (Fear).
Key levels to watch:
Main support range: Currently between $75,600 and $76,000; holding this zone could pave the way for a short-term rebound toward resistance at $78,000.
Support breakdown: If selling pressure resumes and this support fails, we could see a corrective move extend toward the next support level near $73,000.
#Binance98PercentReplenished #Binance #BTC走势分析 #btc走勢 $BTC
