💥 In just one hour, $745 MILLION in bets on rising prices were wiped out… and Bitcoin closed its FIFTH week in the red 👀
The quiet Sunday was shattered just before the weekly close.
▪️ Bitcoin (~75,200): in 15 minutes, it fell to 73,510, its lowest price since August, and then bounced back. Almost everything liquidated was borrowed money betting on prices going up: when the price falls, the exchange forcibly closes those positions, pushing it even lower. The week closed near 74,850, about $3,500 below its opening price: five straight red weeks, something rarely seen.
▪️ Ethereum (~2,145): it was hit the hardest, falling nearly 7% in 15 minutes to 2,060 and accounting for most of the liquidations. Many traders had bet on a rebound using borrowed money, and without strong buying from funds, there was nothing to stop the drop. It closed the week near 2,127: the 2,200 floor is now behind us.
▪️ Avalanche (~8.01): it lost the $8 mark and touched 7.77 in the shake-up. It closed the week near 7.94 and is down around 28% in four weeks, after rising almost 50% the previous month. Reclaiming 8.20 is the signal needed to talk about a rebound.
When there’s too much debt in the market, any old Sunday can turn into a storm.
Are you buying this dip or waiting for Tuesday’s inflation data? 👇
#Bitcoin #ETH #AVAX
The quiet Sunday was shattered just before the weekly close.
▪️ Bitcoin (~75,200): in 15 minutes, it fell to 73,510, its lowest price since August, and then bounced back. Almost everything liquidated was borrowed money betting on prices going up: when the price falls, the exchange forcibly closes those positions, pushing it even lower. The week closed near 74,850, about $3,500 below its opening price: five straight red weeks, something rarely seen.
▪️ Ethereum (~2,145): it was hit the hardest, falling nearly 7% in 15 minutes to 2,060 and accounting for most of the liquidations. Many traders had bet on a rebound using borrowed money, and without strong buying from funds, there was nothing to stop the drop. It closed the week near 2,127: the 2,200 floor is now behind us.
▪️ Avalanche (~8.01): it lost the $8 mark and touched 7.77 in the shake-up. It closed the week near 7.94 and is down around 28% in four weeks, after rising almost 50% the previous month. Reclaiming 8.20 is the signal needed to talk about a rebound.
When there’s too much debt in the market, any old Sunday can turn into a storm.
Are you buying this dip or waiting for Tuesday’s inflation data? 👇
#Bitcoin #ETH #AVAX
