$BTC /$ETH just did something interesting
Bitcoin ripped to $87k this week an 8-month high and honestly the "why" is more interesting than the number itself.
It's not some bullish news catalyst. It's shorts getting wrecked. Over 115K traders liquidated in 24hrs, ~$770M wiped out, 85% of it shorts. Classic squeeze mechanics: price moves up a little, shorts get forced out, that buying pressure pushes it up more, rinse repeat.
What's wild is this happened right after the CLARITY Act failed in the Senate and the Fed hiked rates — both of which should've been bearish. Instead we got a face-ripper. Falling oil prices + oversold shorts > bad macro headlines, apparently.
ETH's riding shotgun, up to ~$2,780, gaining right alongside BTC.
Now we're seeing a bit of a breather — BTC consolidating near $86.3k, RSI sitting around 72 (overbought territory). Bulls still in control but some profit-taking is showing up.
One thing worth watching: ~$18B in BTC/ETH options expire Friday. That kind of settlement can whip volatility around fast, especially after a run like this.
Not financial advice, just watching the tape. 👀
#BTC #ETH #CryptoMarkets
Bitcoin ripped to $87k this week an 8-month high and honestly the "why" is more interesting than the number itself.
It's not some bullish news catalyst. It's shorts getting wrecked. Over 115K traders liquidated in 24hrs, ~$770M wiped out, 85% of it shorts. Classic squeeze mechanics: price moves up a little, shorts get forced out, that buying pressure pushes it up more, rinse repeat.
What's wild is this happened right after the CLARITY Act failed in the Senate and the Fed hiked rates — both of which should've been bearish. Instead we got a face-ripper. Falling oil prices + oversold shorts > bad macro headlines, apparently.
ETH's riding shotgun, up to ~$2,780, gaining right alongside BTC.
Now we're seeing a bit of a breather — BTC consolidating near $86.3k, RSI sitting around 72 (overbought territory). Bulls still in control but some profit-taking is showing up.
One thing worth watching: ~$18B in BTC/ETH options expire Friday. That kind of settlement can whip volatility around fast, especially after a run like this.
Not financial advice, just watching the tape. 👀
#BTC #ETH #CryptoMarkets