Yesterday, BTC kept swinging above and below the 200-day moving average. 👇
It dropped as low as $72,787, an 11-week low; when CPI came out, $178 million in longs were liquidated in just one hour.
The weekend sell-off was even worse: over $1 billion in liquidations across the market in 24 hours. ETH alone accounted for $448 million, dipping as low as $2,006—just $6 shy of $2,000.
Put simply, this line is the bull market’s last fig leaf. If BTC can’t get back above it, the next hurdle is $70,000.
I’ve been burned by this line before. I always thought, “The moving average will definitely hold,” but when it’s time to break, it breaks.
Breaking below it isn’t scary. What’s scary is still thinking, “This time is different.”
$BTC $ETH
It dropped as low as $72,787, an 11-week low; when CPI came out, $178 million in longs were liquidated in just one hour.
The weekend sell-off was even worse: over $1 billion in liquidations across the market in 24 hours. ETH alone accounted for $448 million, dipping as low as $2,006—just $6 shy of $2,000.
Put simply, this line is the bull market’s last fig leaf. If BTC can’t get back above it, the next hurdle is $70,000.
I’ve been burned by this line before. I always thought, “The moving average will definitely hold,” but when it’s time to break, it breaks.
Breaking below it isn’t scary. What’s scary is still thinking, “This time is different.”
$BTC $ETH
