Weekend liquidity increases the risk of another leg down across the crypto market
Bitcoin fell 8% and broke below 70,000. Open interest and trading volumes declined, with futures volume down nearly 65%; cumulative delta remains on the sellers’ side. To me, this is not confirmation of a bottom, but a liquidation of leveraged longs. Key resistance levels are 75,000 and 72,000; support levels are 67,200 and 65,000. I’ll seriously consider a recovery only if the price moves back above 72,000; until then, the risk of further downside remains.
$BTC #BTC
Bitcoin fell 8% and broke below 70,000. Open interest and trading volumes declined, with futures volume down nearly 65%; cumulative delta remains on the sellers’ side. To me, this is not confirmation of a bottom, but a liquidation of leveraged longs. Key resistance levels are 75,000 and 72,000; support levels are 67,200 and 65,000. I’ll seriously consider a recovery only if the price moves back above 72,000; until then, the risk of further downside remains.
$BTC #BTC