Why did BTC smash straight through the $70,000 support level today and plunge to $68,000? Stop staring only at crypto charts—the real engine behind the sell-off is on Wall Street.
Three major bearish catalysts converged on the same day, triggering a cascade of liquidations:
1️⃣ U.S. inflation rebounded, and the market suddenly began betting that the Fed would restart rate hikes in December with a 50-basis-point increase;
2️⃣ Volatility among U.S. tech giants dragged down overall risk appetite, while new AI stocks aggressively drained liquidity;
3️⃣ The breach of the $70,000 milestone triggered mass liquidations of leveraged long positions.
Don’t rush to catch a falling knife while sentiment is in turmoil. First, see whether the $60,000–$65,000 range—the true institutional cost basis—can hold.
Three major bearish catalysts converged on the same day, triggering a cascade of liquidations:
1️⃣ U.S. inflation rebounded, and the market suddenly began betting that the Fed would restart rate hikes in December with a 50-basis-point increase;
2️⃣ Volatility among U.S. tech giants dragged down overall risk appetite, while new AI stocks aggressively drained liquidity;
3️⃣ The breach of the $70,000 milestone triggered mass liquidations of leveraged long positions.
Don’t rush to catch a falling knife while sentiment is in turmoil. First, see whether the $60,000–$65,000 range—the true institutional cost basis—can hold.