The 70,688 level we talked about this morning didn’t hold through the day. Bitcoin broke below 70,000 at 10 a.m., then selling accelerated at 11, sending it to a low of 68,307.
Bitcoin is now at 68,567, down about 6.9% over 24 hours. Ethereum is at 1,918, down about 6.3%. Today’s candle opened at 71,460, yesterday’s close, and then plunged more than 2,000 points during the day. The daily candle from August 20, which closed above 70,000, had a low of 68,902—and price has now broken below that, too.
Long positions in perpetual futures have been liquidated in a wave over the past 24 hours, with liquidations across the market reaching around $1.15 billion. Bitcoin accounts for about $660 million. October PPI is due at 9:30 p.m. tonight. The market expects a 0.4% month-over-month increase and 0.3% for core PPI, with the annual figure possibly rising to 6.6%. Today’s sell-off came from the Asian session; the data hasn’t been released yet.
First, price needs to reclaim 68,902 before we can talk about the 70,688 level lost this morning. For now, the key question is whether 68,307 holds. If it breaks, we’ll have to find a new level further down.
Do you think 68,307 can hold until the PPI release?
$BTC $ETH
#BTC #Crypto and U.S. stocks are both falling—what could drive the next rebound? #Jensen Huang resigns as CEO; Nvidia’s strategic direction in focus
Bitcoin is now at 68,567, down about 6.9% over 24 hours. Ethereum is at 1,918, down about 6.3%. Today’s candle opened at 71,460, yesterday’s close, and then plunged more than 2,000 points during the day. The daily candle from August 20, which closed above 70,000, had a low of 68,902—and price has now broken below that, too.
Long positions in perpetual futures have been liquidated in a wave over the past 24 hours, with liquidations across the market reaching around $1.15 billion. Bitcoin accounts for about $660 million. October PPI is due at 9:30 p.m. tonight. The market expects a 0.4% month-over-month increase and 0.3% for core PPI, with the annual figure possibly rising to 6.6%. Today’s sell-off came from the Asian session; the data hasn’t been released yet.
First, price needs to reclaim 68,902 before we can talk about the 70,688 level lost this morning. For now, the key question is whether 68,307 holds. If it breaks, we’ll have to find a new level further down.
Do you think 68,307 can hold until the PPI release?
$BTC $ETH
#BTC #Crypto and U.S. stocks are both falling—what could drive the next rebound? #Jensen Huang resigns as CEO; Nvidia’s strategic direction in focus