BTC fell to $65,000, with over $300 million in long positions liquidated. What I didn't expect was that spot holders were selling too…
Everyone said we'd hit the bottom, but BTC still took another leg down tonight, reaching a low of around $65,039.
I just looked at a few sets of data, and some of it is worth watching closely.
Over the past 24 hours, more than $300 million in BTC-related positions were liquidated, the vast majority of them longs.
Open interest across the entire futures market also fell significantly, as leveraged positions were quickly unwound.
But I'm more focused on another set of data:
According to a monitoring platform, there was significant net aggressive selling in the BTC spot market over the past 24 hours.
In other words, this time it wasn't just futures longs getting liquidated; there was also real selling pressure in the spot market.
The 4-hour RSI is already very low. The drop has been sharp, so a bounce could happen at any time.
But what I most want to see now isn't how low the RSI is—it's whether real buyers are starting to step in.
Next, the key things to watch are whether the $65,000 low can hold, and whether spot selling pressure eases during a rebound.
But overall, things look really, really weak. It may not hold…
There are a few specific reasons for the sharp drop:
1. Some people are getting out early to avoid being liquidated by ZZ;
2. The impact of the recent sharp drop in tech stocks;
3. A stronger dollar and expectations of rate hikes have combined to increase liquidations of long positions.
In my view, the main issue is still insufficient market liquidity.
So, if the bleeding won't stop, don't blindly buy the dip or try to call the bottom.
Either ride it out or take the loss.
$BTC
#BTC #比特币 #爆仓 #市场观察
Everyone said we'd hit the bottom, but BTC still took another leg down tonight, reaching a low of around $65,039.
I just looked at a few sets of data, and some of it is worth watching closely.
Over the past 24 hours, more than $300 million in BTC-related positions were liquidated, the vast majority of them longs.
Open interest across the entire futures market also fell significantly, as leveraged positions were quickly unwound.
But I'm more focused on another set of data:
According to a monitoring platform, there was significant net aggressive selling in the BTC spot market over the past 24 hours.
In other words, this time it wasn't just futures longs getting liquidated; there was also real selling pressure in the spot market.
The 4-hour RSI is already very low. The drop has been sharp, so a bounce could happen at any time.
But what I most want to see now isn't how low the RSI is—it's whether real buyers are starting to step in.
Next, the key things to watch are whether the $65,000 low can hold, and whether spot selling pressure eases during a rebound.
But overall, things look really, really weak. It may not hold…
There are a few specific reasons for the sharp drop:
1. Some people are getting out early to avoid being liquidated by ZZ;
2. The impact of the recent sharp drop in tech stocks;
3. A stronger dollar and expectations of rate hikes have combined to increase liquidations of long positions.
In my view, the main issue is still insufficient market liquidity.
So, if the bleeding won't stop, don't blindly buy the dip or try to call the bottom.
Either ride it out or take the loss.
$BTC
#BTC #比特币 #爆仓 #市场观察
