BTC closed below its 50-week moving average for the first time since September, after seven straight weeks holding above it. The trigger: $1.04B in long liquidations in 24 hours, with ether traders taking the larger hit of the two (via CoinGlass).
Here's the part that stands out though — funding is still positive and longs still make up 75.7% of open interest. A flush that size usually clears out leveraged positioning and flips funding negative. This one didn't. The crowd that got run over is still there, still paying up to stay long.
That's the thing to actually watch, not the price level. If longs haven't capitulated, the next leg down has more fuel to work with.
Does that change how you'd read this move?
#Bitcoin #TradingSignals #TokenBot $BTC $TBOT
tokenbot.com
Here's the part that stands out though — funding is still positive and longs still make up 75.7% of open interest. A flush that size usually clears out leveraged positioning and flips funding negative. This one didn't. The crowd that got run over is still there, still paying up to stay long.
That's the thing to actually watch, not the price level. If longs haven't capitulated, the next leg down has more fuel to work with.
Does that change how you'd read this move?
#Bitcoin #TradingSignals #TokenBot $BTC $TBOT
tokenbot.com
