🚨 48 terrifying hours in the crypto market: $BTC briefly fell below $74,000, hitting its lowest level in nearly two months!
📉 Weekend market recap
Bitcoin briefly fell to around $73,650 on Sunday, its lowest level since August, and is now trading at around $74,494. $ETH fell even harder, briefly dropping below $2,100 and now trading at around $2,112. Its closing price fell below the 200-day moving average for the first time since August 18.
💥 More than $1.1 billion in positions were liquidated across the market in 24 hours, 90% of them long positions. Around $500 million in Ethereum and $300 million in Bitcoin positions were liquidated, with leveraged longs bearing the brunt.
🔍 What’s behind the drop?
Nvidia led tech stocks lower, US-Iran tensions flared, and the US midterm election results fueled regulatory concerns. Add the lingering fallout from the Binance hack and more than $1.2 billion in net outflows from spot ETFs last week, and a convergence of negative factors triggered a chain reaction of selling.
💡 There are positive signs, too: On-chain data shows that when Bitcoin pulled back to around $75,000, large holders accelerated their accumulation. Some analysts see this as a bullish signal.
⏰ Tonight’s watch: US October CPI will be released at 21:30 tonight (Beijing time), and could be the next catalyst for the market’s direction.
📊 Other major coins: Binance Coin rose slightly, by around 0.25%; Solana fell around 1.8%. Overall, the market remains weak.
Do you think $74,000 will hold, or will we test the lows again before CPI? Share your thoughts in the comments 👇
#比特币 #以太坊 #加密货币 #Market Update
⚠️ These are personal views. DYOR and be aware of the risks.
📉 Weekend market recap
Bitcoin briefly fell to around $73,650 on Sunday, its lowest level since August, and is now trading at around $74,494. $ETH fell even harder, briefly dropping below $2,100 and now trading at around $2,112. Its closing price fell below the 200-day moving average for the first time since August 18.
💥 More than $1.1 billion in positions were liquidated across the market in 24 hours, 90% of them long positions. Around $500 million in Ethereum and $300 million in Bitcoin positions were liquidated, with leveraged longs bearing the brunt.
🔍 What’s behind the drop?
Nvidia led tech stocks lower, US-Iran tensions flared, and the US midterm election results fueled regulatory concerns. Add the lingering fallout from the Binance hack and more than $1.2 billion in net outflows from spot ETFs last week, and a convergence of negative factors triggered a chain reaction of selling.
💡 There are positive signs, too: On-chain data shows that when Bitcoin pulled back to around $75,000, large holders accelerated their accumulation. Some analysts see this as a bullish signal.
⏰ Tonight’s watch: US October CPI will be released at 21:30 tonight (Beijing time), and could be the next catalyst for the market’s direction.
📊 Other major coins: Binance Coin rose slightly, by around 0.25%; Solana fell around 1.8%. Overall, the market remains weak.
Do you think $74,000 will hold, or will we test the lows again before CPI? Share your thoughts in the comments 👇
#比特币 #以太坊 #加密货币 #Market Update
⚠️ These are personal views. DYOR and be aware of the risks.