$BTC 15-minute flash crash of $2,100 and then back above 75,000: the wick is not the bottom, it is a liquidity squeeze
This morning from 04:45-05:00, within $BTC 15 minutes it wicked down from 75,607 to 73,510, falling 2.77% and hitting an 11-week low. In 1 hour, about $745 million was liquidated, with long positions accounting for $715 million; $ETH simultaneously fell below 2,125, down about 4.8% over 24h. It then rebounded in a V-shape, now around 75,200.
What the bulls are saying:
@hibtc37: 73,000 is the limit, downside is limited and rebound demand is strong
@wushengyy: after five consecutive bearish candles, this level is likely the bottom of an early bull market
What the bears are saying:
@0xcaesar13: gold and silver plunging together means a dollar liquidity squeeze and indiscriminate deleveraging; 75,000-75,450 has turned into resistance, and if it cannot reclaim 75,200, look for 72,000-73,000
My view: a wick and recovery only proves there is buying interest around 73,500, not that the decline has ended. 73,510 is only about $350 away from the 200-day moving average at 73,163; if it cannot hold into tonight’s close, don’t buy the dip. Above, 75,000-75,500 is the first hurdle; only after reclaiming and holding it can we talk about a bottom. Before Tuesday’s CPI, don’t bet heavily on direction.
This morning from 04:45-05:00, within $BTC 15 minutes it wicked down from 75,607 to 73,510, falling 2.77% and hitting an 11-week low. In 1 hour, about $745 million was liquidated, with long positions accounting for $715 million; $ETH simultaneously fell below 2,125, down about 4.8% over 24h. It then rebounded in a V-shape, now around 75,200.
What the bulls are saying:
@hibtc37: 73,000 is the limit, downside is limited and rebound demand is strong
@wushengyy: after five consecutive bearish candles, this level is likely the bottom of an early bull market
What the bears are saying:
@0xcaesar13: gold and silver plunging together means a dollar liquidity squeeze and indiscriminate deleveraging; 75,000-75,450 has turned into resistance, and if it cannot reclaim 75,200, look for 72,000-73,000
My view: a wick and recovery only proves there is buying interest around 73,500, not that the decline has ended. 73,510 is only about $350 away from the 200-day moving average at 73,163; if it cannot hold into tonight’s close, don’t buy the dip. Above, 75,000-75,500 is the first hurdle; only after reclaiming and holding it can we talk about a bottom. Before Tuesday’s CPI, don’t bet heavily on direction.