PPI is due out tonight at 21:30.
I’ve been watching the charts all afternoon, and there’s just one thing on my mind: this drop isn’t rooted in crypto.
$BTC is currently around $69,200.
It hit a low of $67,600 today, falling below $69,000 for the first time since August 19.
More than $1.3 billion was liquidated in 24 hours, 90% of it from long positions.
But look at those two lines outside the crypto market—
The 10-year US Treasury yield has climbed above 5.1%.
The dollar index has broken 103, its highest level in 19 months.
Money is flowing into the dollar and Treasuries, and risk assets are getting hit across the board.
Stocks and crypto—nothing has been spared.
The Fear and Greed Index has fallen to 20: extreme fear.
The last time it reached this level was in July.
RSI is at 24.9—deeply oversold.
What’s interesting is that the price has actually been hovering near the 200-week moving average, around $68,000, all day.
That dip below $70,000 this morning was scary, but by the afternoon it had slowly climbed back above $69,000.
The bulls aren’t completely out, and the bears haven’t dared to push it all the way down either.
Tonight’s PPI at 21:30 will be the deciding whistle.
The market expects 6.6% year over year and 0.4% month over month.
If the figures come in hotter than expected, rate-hike expectations could climb further, and the $68,000 level may not hold.
If they come in lower than expected, oversold conditions and extreme fear could fuel a sharp rebound.
My view is simple:
At a level like this, guessing the direction is just gambling.
I’ll wait for the data to come out, see whether $68,000 holds, and then decide whether to make a move.
Will you stay up tonight until 21:30 to wait for the data?
Or just shut everything down, get some sleep, and check the results in the morning?
$BTC $ETH
#市场观察 #PPI #Bitcoin
Not investment advice. DYOR. Trading involves risk.
I’ve been watching the charts all afternoon, and there’s just one thing on my mind: this drop isn’t rooted in crypto.
$BTC is currently around $69,200.
It hit a low of $67,600 today, falling below $69,000 for the first time since August 19.
More than $1.3 billion was liquidated in 24 hours, 90% of it from long positions.
But look at those two lines outside the crypto market—
The 10-year US Treasury yield has climbed above 5.1%.
The dollar index has broken 103, its highest level in 19 months.
Money is flowing into the dollar and Treasuries, and risk assets are getting hit across the board.
Stocks and crypto—nothing has been spared.
The Fear and Greed Index has fallen to 20: extreme fear.
The last time it reached this level was in July.
RSI is at 24.9—deeply oversold.
What’s interesting is that the price has actually been hovering near the 200-week moving average, around $68,000, all day.
That dip below $70,000 this morning was scary, but by the afternoon it had slowly climbed back above $69,000.
The bulls aren’t completely out, and the bears haven’t dared to push it all the way down either.
Tonight’s PPI at 21:30 will be the deciding whistle.
The market expects 6.6% year over year and 0.4% month over month.
If the figures come in hotter than expected, rate-hike expectations could climb further, and the $68,000 level may not hold.
If they come in lower than expected, oversold conditions and extreme fear could fuel a sharp rebound.
My view is simple:
At a level like this, guessing the direction is just gambling.
I’ll wait for the data to come out, see whether $68,000 holds, and then decide whether to make a move.
Will you stay up tonight until 21:30 to wait for the data?
Or just shut everything down, get some sleep, and check the results in the morning?
$BTC $ETH
#市场观察 #PPI #Bitcoin
Not investment advice. DYOR. Trading involves risk.