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BITCOIN BREAKS $70,000. WHO IS BUYING WHEN LEVERAGE IS FORCED OUT?
In the last 24 hours $BTC hit a low of about $67,555 and is near $68,000, down about 7%. $ETH fell below $2,000 for the first time since August. About $1.3 to $1.5 billion of futures were liquidated, and about $1.3 billion of that was longs.
The cause chain as I see it:
Hot October inflation → traders price a Fed hike on 9 Dec (about 89% for 25 basis points, some talk of 50) → dollar index above 103, a 19-month high → gold, silver and crypto all sell → thin buyers → forced liquidations push the price further.
Other pressure:
Nvidia CEO Jensen Huang resigned and the stock opened down about 12%. Crypto follows tech. MSCI will remove Strategy from its indexes on 30 Nov. Wintermute calls this a passive-selling risk, with no size given.
What I am watching:
Does $BTC get back above $70,000, or stay below? ETF inflows. Wintermute says the majors need them to rise. 17 Nov Nvidia earnings. 9 Dec Fed meeting.
My snapshot tags (they change with the news):
$BTC Bearish $ETH Bearish Gold Bearish, near $3,870, down about 3% in a day Silver Bearish, near $50, down about 3.5% Oil: falling, about $87 on my chart
I don’t claim to predict every candle. I want to understand WHY.
To the 90% of retail traders: this was a leverage event. Longs were forced out. If you use leverage, a normal dip can liquidate you. Trade only money you can lose, keep your size small, and write your exit before you buy.
Question: when everyone is scared, do you wait for buyers or buy the dip?
Experience, not financial advice.
$ETH #Bitcoin #CryptoLiquidations #MarketUpdate
BITCOIN BREAKS $70,000. WHO IS BUYING WHEN LEVERAGE IS FORCED OUT?
In the last 24 hours $BTC hit a low of about $67,555 and is near $68,000, down about 7%. $ETH fell below $2,000 for the first time since August. About $1.3 to $1.5 billion of futures were liquidated, and about $1.3 billion of that was longs.
The cause chain as I see it:
Hot October inflation → traders price a Fed hike on 9 Dec (about 89% for 25 basis points, some talk of 50) → dollar index above 103, a 19-month high → gold, silver and crypto all sell → thin buyers → forced liquidations push the price further.
Other pressure:
Nvidia CEO Jensen Huang resigned and the stock opened down about 12%. Crypto follows tech. MSCI will remove Strategy from its indexes on 30 Nov. Wintermute calls this a passive-selling risk, with no size given.
What I am watching:
Does $BTC get back above $70,000, or stay below? ETF inflows. Wintermute says the majors need them to rise. 17 Nov Nvidia earnings. 9 Dec Fed meeting.
My snapshot tags (they change with the news):
$BTC Bearish $ETH Bearish Gold Bearish, near $3,870, down about 3% in a day Silver Bearish, near $50, down about 3.5% Oil: falling, about $87 on my chart
I don’t claim to predict every candle. I want to understand WHY.
To the 90% of retail traders: this was a leverage event. Longs were forced out. If you use leverage, a normal dip can liquidate you. Trade only money you can lose, keep your size small, and write your exit before you buy.
Question: when everyone is scared, do you wait for buyers or buy the dip?
Experience, not financial advice.
$ETH #Bitcoin #CryptoLiquidations #MarketUpdate
