$BTC BTC took a brutal hit!!!
Is everyone panicking?
Is the really scary part still ahead?
BTC said it would break below 70,000, and it did—plunging to 66,450 intraday.
ETH is barely holding 1,900, and the market is gripped by extreme fear!
This is leveraged positions having their power cut one after another.
Yesterday, news broke that a huge position worth over $100 million had been liquidated. Short-term sell orders snowballed downward.
A lot of people see the panic and want to buy the dip. Bro, in a bear market, panic can be followed by even more panic.
Bottoms aren't called into existence—they form through repeated grinding and shakeouts.
The news about employees calling for Lao Huang to return after leaving Nvidia has also become an outlet for market sentiment.
But don't blame it all on one news story. What's really weighing on the market is inflation, interest-rate expectations, a stronger dollar, and money flowing out of crypto.
News is just a punching bag when prices are falling.
I'll be blunt about the charts: BTC has been sliding all the way down from 70,100. The moving averages are all lined up bearishly, and every rebound gets slammed as soon as it hits resistance.
For the short term, 67,500 is the key level: it needs to hold before we can talk about a recovery.
If it can't hold, we'll have to test 65,500–66,000.
Watch overhead resistance at 68,500–70,000.
ETH is even weaker; it can barely hold 1,900, and if it breaks down, we need to watch around 1,850.
Long positions are still getting blown out over the past 24 hours, showing that people who tried to call the bottom early got trapped again.
The end of liquidations doesn't mean buyers will come straight back. The market needs time to absorb the selling pressure.
This ETH short from 1,978 also made 🤏100 points—what a satisfying trade!! I'll keep waiting for the next opportunity to position 🫡🫡🫡
$ETH $SNDKB
Is everyone panicking?
Is the really scary part still ahead?
BTC said it would break below 70,000, and it did—plunging to 66,450 intraday.
ETH is barely holding 1,900, and the market is gripped by extreme fear!
This is leveraged positions having their power cut one after another.
Yesterday, news broke that a huge position worth over $100 million had been liquidated. Short-term sell orders snowballed downward.
A lot of people see the panic and want to buy the dip. Bro, in a bear market, panic can be followed by even more panic.
Bottoms aren't called into existence—they form through repeated grinding and shakeouts.
The news about employees calling for Lao Huang to return after leaving Nvidia has also become an outlet for market sentiment.
But don't blame it all on one news story. What's really weighing on the market is inflation, interest-rate expectations, a stronger dollar, and money flowing out of crypto.
News is just a punching bag when prices are falling.
I'll be blunt about the charts: BTC has been sliding all the way down from 70,100. The moving averages are all lined up bearishly, and every rebound gets slammed as soon as it hits resistance.
For the short term, 67,500 is the key level: it needs to hold before we can talk about a recovery.
If it can't hold, we'll have to test 65,500–66,000.
Watch overhead resistance at 68,500–70,000.
ETH is even weaker; it can barely hold 1,900, and if it breaks down, we need to watch around 1,850.
Long positions are still getting blown out over the past 24 hours, showing that people who tried to call the bottom early got trapped again.
The end of liquidations doesn't mean buyers will come straight back. The market needs time to absorb the selling pressure.
This ETH short from 1,978 also made 🤏100 points—what a satisfying trade!! I'll keep waiting for the next opportunity to position 🫡🫡🫡
$ETH $SNDKB
