$BTC breaks the $70,000 barrier, and $1.3 billion in positions are liquidated: what will drive the next rally?
Today, high-risk assets are under heavy pressure. BTC fell below $70,000 (reaching $69,000, its lowest level in 3 months), triggering liquidations of more than $1.3 billion in positions over 24 hours ($677 million in BTC alone), while ETH fell below $2,000 and $SOL dropped below $80.
Macroeconomic factors and a strengthening dollar: the U.S. Dollar Index ($DXY) reached its highest level in 19 months, surpassing 103, after October's Consumer Price Index came in higher than expected, increasing the likelihood that the Federal Reserve will raise interest rates in December.
Geopolitical risks: tensions in the Middle East pushed West Texas Intermediate crude close to $88 per barrel, stoking inflation fears.
Liquidation of leveraged positions: losing the $70,000 support level triggered the immediate liquidation of around $500 million in long positions, including a liquidation of more than $31 million on Hyperliquid.
Factors that could drive the next rally in cryptocurrencies and stocks
$DXY losing momentum: high-risk assets need the dollar to pull back from the 103–104 resistance zone and Treasury yields to stabilize ahead of the Federal Open Market Committee meeting in December.
$BTC
$BARD
Today, high-risk assets are under heavy pressure. BTC fell below $70,000 (reaching $69,000, its lowest level in 3 months), triggering liquidations of more than $1.3 billion in positions over 24 hours ($677 million in BTC alone), while ETH fell below $2,000 and $SOL dropped below $80.
Macroeconomic factors and a strengthening dollar: the U.S. Dollar Index ($DXY) reached its highest level in 19 months, surpassing 103, after October's Consumer Price Index came in higher than expected, increasing the likelihood that the Federal Reserve will raise interest rates in December.
Geopolitical risks: tensions in the Middle East pushed West Texas Intermediate crude close to $88 per barrel, stoking inflation fears.
Liquidation of leveraged positions: losing the $70,000 support level triggered the immediate liquidation of around $500 million in long positions, including a liquidation of more than $31 million on Hyperliquid.
Factors that could drive the next rally in cryptocurrencies and stocks
$DXY losing momentum: high-risk assets need the dollar to pull back from the 103–104 resistance zone and Treasury yields to stabilize ahead of the Federal Open Market Committee meeting in December.
$BTC
$BARD
