BTC has fallen below $70,000—and it came with a very dangerous signal.
This wasn’t just a price dip: BTC closed below its 200-day moving average (around $73,081) last night. For many long-term investors, this is a lifeline for gauging the trend. Falling below it means the trend has officially turned bearish.
Even more concerning is liquidity: Glassnode data shows that the total stablecoin supply shrank by $14.2 billion over 30 days, its biggest contraction since June 2022. ETFs saw net outflows of $1.44 billion over five days. There’s less money available to buy coins on exchanges, while money continues to flow out.
ETH has also dropped back to around $2,000, down more than 10% for the week, while the Fear & Greed Index has fallen to 20.
My take: $70,000 is a psychological support level. If it doesn’t hold, the next level to watch is around $65,000. But the RSI has already entered oversold territory, so chasing the decline in the short term is also risky. U.S. October PPI data is due out tonight at 21:30 and could be the next market catalyst.
Do you think $70,000 will hold? Or is this market headed for $65,000 first?
#BTC #ETH #比特币 #Cryptocurrency
This is for personal analysis only and does not constitute investment advice.
This wasn’t just a price dip: BTC closed below its 200-day moving average (around $73,081) last night. For many long-term investors, this is a lifeline for gauging the trend. Falling below it means the trend has officially turned bearish.
Even more concerning is liquidity: Glassnode data shows that the total stablecoin supply shrank by $14.2 billion over 30 days, its biggest contraction since June 2022. ETFs saw net outflows of $1.44 billion over five days. There’s less money available to buy coins on exchanges, while money continues to flow out.
ETH has also dropped back to around $2,000, down more than 10% for the week, while the Fear & Greed Index has fallen to 20.
My take: $70,000 is a psychological support level. If it doesn’t hold, the next level to watch is around $65,000. But the RSI has already entered oversold territory, so chasing the decline in the short term is also risky. U.S. October PPI data is due out tonight at 21:30 and could be the next market catalyst.
Do you think $70,000 will hold? Or is this market headed for $65,000 first?
#BTC #ETH #比特币 #Cryptocurrency
This is for personal analysis only and does not constitute investment advice.