$80,000 lasted just one day.
BTC was still at $80,032 on Wednesday night, but fell to $75,463 on Thursday, its lowest level since September 16.
It dropped more than 6%, briefly falling below the 50-week moving average of $75,733. Total liquidations across the crypto market over 24 hours came close to $850 million, with nearly $500 million liquidated in just the first hour after US stock markets opened.
This wasn’t a crypto-only sell-off. The Nasdaq fell more than 4% on Thursday, its lowest level since July 29; the S&P 500 dropped 2.7%. The gains made after the midterm elections were wiped out in a single day.
There are two more hurdles today. At 16:00 Beijing time, about $2.65 billion in BTC options on Deribit will expire: 24,912 calls and 8,223 puts, with a max pain price of $79,000. Tonight at 21:30, the US October nonfarm payrolls report will be released. The market expects about 65,000 jobs to be added and unemployment to come in at 4.2%.
If you’re holding BTC with leverage, keep an eye on 16:00 and 21:30 today. One caveat: max pain isn’t a prediction—the price often doesn’t gravitate toward it. And the nonfarm figures are just market expectations; the actual release is what counts.
Before tonight’s nonfarm report, will $75,000 be tested first, or will $80,000 be reclaimed first? #btc $BTC
BTC was still at $80,032 on Wednesday night, but fell to $75,463 on Thursday, its lowest level since September 16.
It dropped more than 6%, briefly falling below the 50-week moving average of $75,733. Total liquidations across the crypto market over 24 hours came close to $850 million, with nearly $500 million liquidated in just the first hour after US stock markets opened.
This wasn’t a crypto-only sell-off. The Nasdaq fell more than 4% on Thursday, its lowest level since July 29; the S&P 500 dropped 2.7%. The gains made after the midterm elections were wiped out in a single day.
There are two more hurdles today. At 16:00 Beijing time, about $2.65 billion in BTC options on Deribit will expire: 24,912 calls and 8,223 puts, with a max pain price of $79,000. Tonight at 21:30, the US October nonfarm payrolls report will be released. The market expects about 65,000 jobs to be added and unemployment to come in at 4.2%.
If you’re holding BTC with leverage, keep an eye on 16:00 and 21:30 today. One caveat: max pain isn’t a prediction—the price often doesn’t gravitate toward it. And the nonfarm figures are just market expectations; the actual release is what counts.
Before tonight’s nonfarm report, will $75,000 be tested first, or will $80,000 be reclaimed first? #btc $BTC
