MASS LIQUIDATIONS ARE NOT THE END OF THE DECLINE, AND YOU NEED TO KNOW THAT
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The market is being crushed. BTC has plunged to around US$68,900, its lowest level since August, and is already down 17% for the quarter.
The trail of destruction is severe. More than US$1.3 billion in futures were liquidated in 24 hours, including US$677 million in Bitcoin alone. Nearly half a billion evaporated when the price fell below US$70,000.
The mechanics behind the decline are clear. Stubborn inflation at 0.4% set off alarm bells, the odds of an interest rate hike in December jumped to 85%, the dollar surged to a 19-month high, and the risk market paid the price.
The truth is that a liquidation flushes out leverage, but it doesn’t attract new capital. Without buyers, there’s no rally.
To believe in a recovery, I want to see ETFs return to positive inflows after five days of outflows that drained US$1.4 billion.
I want to see the stablecoin supply stop shrinking after losing US$14 billion in a month.
I want to see the dollar retreat and CPI come in below 0.3%.
On the chart, BTC needs to reclaim US$70,000 and then US$73,000. If it loses US$68,000, the chasm between US$65,000 and US$66,660 could be the next destination.
$BTC
$AKE
$SOPH
Follow the page and turn on notifications. Don’t be late. Whatever the next update is, I’ll post it here first.
#whatwilldrivecryptoandstocks’nextrebound?
જ⁀➴
The market is being crushed. BTC has plunged to around US$68,900, its lowest level since August, and is already down 17% for the quarter.
The trail of destruction is severe. More than US$1.3 billion in futures were liquidated in 24 hours, including US$677 million in Bitcoin alone. Nearly half a billion evaporated when the price fell below US$70,000.
The mechanics behind the decline are clear. Stubborn inflation at 0.4% set off alarm bells, the odds of an interest rate hike in December jumped to 85%, the dollar surged to a 19-month high, and the risk market paid the price.
The truth is that a liquidation flushes out leverage, but it doesn’t attract new capital. Without buyers, there’s no rally.
To believe in a recovery, I want to see ETFs return to positive inflows after five days of outflows that drained US$1.4 billion.
I want to see the stablecoin supply stop shrinking after losing US$14 billion in a month.
I want to see the dollar retreat and CPI come in below 0.3%.
On the chart, BTC needs to reclaim US$70,000 and then US$73,000. If it loses US$68,000, the chasm between US$65,000 and US$66,660 could be the next destination.
$BTC
$AKE
$SOPH
Follow the page and turn on notifications. Don’t be late. Whatever the next update is, I’ll post it here first.
#whatwilldrivecryptoandstocks’nextrebound?
