Another leg down, and this one stung. $BTC slipped under $63K, a fresh 3-month low, and roughly $700M of longs got wiped in about an hour according to Crypto Rover. Just a few hours earlier, $65K was the line everyone was staring at.

Bitcoin is down close to 8% on the day, from a $68.4K high to a $62.6K low, and it has now cut through the 200-day average like it wasn't there. Two sessions ago people were debating whether $65K was support. It wasn't.

I've sat through enough of these to know the pattern. Early in a drawdown people argue about the bottom. Later they stop arguing and just close the screen. The flushes that matter usually come with a vertical candle, a pile of forced selling, and then an eerie quiet. We've had the candle. I'm not sure we've had the quiet yet.

What I'm watching:
• whether $62K holds on a daily close
• funding turning flat or negative after weeks of positive
• liquidation size shrinking even as price makes new lows

Falling knife or not, patience costs nothing. Chasing costs plenty.

Where's your line in the sand?

#Bitcoin #Liquidations #CryptoMarket #Leverage #BinanceSquare

Not financial advice. DYOR.