The crypto market is desperately short on liquidity! $14.2 billion in stablecoins evaporated in just 30 days—the fastest decline since mid-2022. Money is flowing back into dollars instead of preparing to buy, signaling a contraction in market capitalization.
The pressure is mounting as $1.6 billion was withdrawn from spot Bitcoin ETFs over 20 trading sessions. $BTC fell to $73,000, below the estimated cost basis of $75,600 for short-term holders. Anyone who bought recently is now deep in the red!
More than $3.6 billion in $BTC was sent to exchanges at a loss, showing that selling pressure remains intense. The market is extremely vulnerable and lacks support.
Despite a few positive signs, such as leveraged long positions being liquidated and whales modestly accumulating, $73,000 is a CRITICAL SUPPORT ZONE. If $BTC can't hold, the broader trend could be in danger.
Will $BTC hold the $73k level, or are we on the brink?
#Bitcoin #Crypto
$BTC
The pressure is mounting as $1.6 billion was withdrawn from spot Bitcoin ETFs over 20 trading sessions. $BTC fell to $73,000, below the estimated cost basis of $75,600 for short-term holders. Anyone who bought recently is now deep in the red!
More than $3.6 billion in $BTC was sent to exchanges at a loss, showing that selling pressure remains intense. The market is extremely vulnerable and lacks support.
Despite a few positive signs, such as leveraged long positions being liquidated and whales modestly accumulating, $73,000 is a CRITICAL SUPPORT ZONE. If $BTC can't hold, the broader trend could be in danger.
Will $BTC hold the $73k level, or are we on the brink?
#Bitcoin #Crypto
$BTC