BTC is now just $3,800 away from being cut in half.
Half of last year's October 6 high of 126080 is 63040. It's around 66800 now. It dropped another 4% in 24 hours. Even with US stock markets closed on Saturday night, it kept sliding.
Honestly, I'm not that panicked at this level. We've already been through this grind once this year. It briefly touched 62,800 in February, and the stretch from late June to early July was even rougher: the daily candle closed at 58,600 on 7/1, down 53% from the high—quite a bit deeper than now.
So the words “cut in half” sound scary, but the market has actually seen it before 🫠
What's more concerning this time is that the sellers are different. Spot ETFs have turned into net outflows this year, and the 10-year Treasury yield is stuck above 5%. Money really is leaving, and it's not so much about sentiment.
Altcoins look worse. BNB is down 5.8% in 24 hours, at 608—more than 50% below last October's 1370. HYPE is down 8%, ZEC 9%. TRX is basically the only one holding steady, down 0.4%.
Around 63,000, we had several rounds of fighting there in both February and June. Weekend markets are thin, so if it really drops through, it could happen in a single wick.
Nvidia reports earnings next Tuesday. Honestly, I can't say whether 63,000 will still be holding by then.
#BTC #山寨币 #美债 #CryptoMarket
$BTC $BNB
Half of last year's October 6 high of 126080 is 63040. It's around 66800 now. It dropped another 4% in 24 hours. Even with US stock markets closed on Saturday night, it kept sliding.
Honestly, I'm not that panicked at this level. We've already been through this grind once this year. It briefly touched 62,800 in February, and the stretch from late June to early July was even rougher: the daily candle closed at 58,600 on 7/1, down 53% from the high—quite a bit deeper than now.
So the words “cut in half” sound scary, but the market has actually seen it before 🫠
What's more concerning this time is that the sellers are different. Spot ETFs have turned into net outflows this year, and the 10-year Treasury yield is stuck above 5%. Money really is leaving, and it's not so much about sentiment.
Altcoins look worse. BNB is down 5.8% in 24 hours, at 608—more than 50% below last October's 1370. HYPE is down 8%, ZEC 9%. TRX is basically the only one holding steady, down 0.4%.
Around 63,000, we had several rounds of fighting there in both February and June. Weekend markets are thin, so if it really drops through, it could happen in a single wick.
Nvidia reports earnings next Tuesday. Honestly, I can't say whether 63,000 will still be holding by then.
#BTC #山寨币 #美债 #CryptoMarket
$BTC $BNB