Bitcoin $BTC Just Fell to a 2-Month Low — $73,510. Here Is Why
Bitcoin dropped to $73,510 late last night — its lowest price since August 21. It is trading near $74,150 now, down 2.3% in the last 24 hours, and this is the fifth week in a row Bitcoin has closed in the red.
What happened? Three things hit at once. First, the US midterm results: Democrats won both the House and the Senate on November 3, and traders now worry the new Congress will make tougher crypto rules. The CLARITY Act, the bill meant to set clear federal crypto rules, already stalled in the Senate in September. Second, US Bitcoin ETFs saw about $1.28 billion leave last week, including $412 million on Friday alone. Third, strong US jobs data raised talk of another Fed rate hike in December.
The drop also triggered about $856 million in liquidations, mostly from traders who had bet prices would rise.
The levels everyone is watching now: support at $73,500, the low from last night — if it breaks, the 200-day average near $73,200 is next. On the upside, Bitcoin first needs to get back above $76,000, then $77,000–$78,000. All eyes are on the US inflation report (CPI) on Tuesday at 6:30 PM PKT.
Ethereum $ETH fell too, near $2,130, down about 5% in a day.
Do you think Bitcoin holds $73,500 this week, or does it test lower first?
Educational content only, not financial advice.
#BinanceSquare #WriteToEarn #Bitcoin #CryptoNews
Bitcoin dropped to $73,510 late last night — its lowest price since August 21. It is trading near $74,150 now, down 2.3% in the last 24 hours, and this is the fifth week in a row Bitcoin has closed in the red.
What happened? Three things hit at once. First, the US midterm results: Democrats won both the House and the Senate on November 3, and traders now worry the new Congress will make tougher crypto rules. The CLARITY Act, the bill meant to set clear federal crypto rules, already stalled in the Senate in September. Second, US Bitcoin ETFs saw about $1.28 billion leave last week, including $412 million on Friday alone. Third, strong US jobs data raised talk of another Fed rate hike in December.
The drop also triggered about $856 million in liquidations, mostly from traders who had bet prices would rise.
The levels everyone is watching now: support at $73,500, the low from last night — if it breaks, the 200-day average near $73,200 is next. On the upside, Bitcoin first needs to get back above $76,000, then $77,000–$78,000. All eyes are on the US inflation report (CPI) on Tuesday at 6:30 PM PKT.
Ethereum $ETH fell too, near $2,130, down about 5% in a day.
Do you think Bitcoin holds $73,500 this week, or does it test lower first?
Educational content only, not financial advice.
#BinanceSquare #WriteToEarn #Bitcoin #CryptoNews
