#BTC 
It plunged sharply to $68.8K, but guys, there's a real reason behind this move đ¨
Good morning, guys! And congratulations! Our previous $BTC and $ZEC setups worked really well. I hope you made good profits đ Honestly, most of our BTC setups over the past few months worked exceptionally well. I think we missed one because of unexpected breakthrough news, but that's part of trading.
BTC has now fallen to around $68,500 and is approaching $68,700. Guys, there are reasons behind this move.
First, tensions between Iran and the United States have flared up again. Iran claimed it had destroyed a U.S. early-warning radar in Bahrain following a military action. This added new geopolitical risks and pushed oil prices higher.
The U.S. Consumer Price Index for October came in at 0.4% month over month, exceeding the 0.3% forecast. This led traders to reassess the Federal Reserveâs next move, and expectations of a December rate hike surged. Traders are also watching uncertainty around the U.S. jobs outlook.
Look at the DXY dollar index, which has now surpassed 103. U.S. 2-year and 10-year Treasury yields also rose to around 4.86% and 5.10%. A stronger dollar and higher yields are putting pressure on risk assets.
U.S. stocks and tech shares also faced selling pressure. Nvidia plunged during the day before recovering some of its losses, adding to the risk-off mood.
Finally, leverage made things worse. Long crypto positions worth around $600 million were liquidated over a single 24-hour period, according to one report. Forced selling accelerated BTCâs decline.
So, guys, it wasnât just one piece of news. Macroeconomic pressures were already building, the news about Iran and the United States added another shock, and then liquidations made the drop even sharper.
For now, please donât rush into a trade. If youâre holding short positions from the previous setup I shared, donât close them just because of this update. And donât open new positions randomly either.
The chart looks bearish, but I still need to review the latest derivatives data, spot market flows, and liquidations before making my next decision.