In about 1 hour BTC price fell more than 6 percent and panic selling was rapidly triggered in altcoins. The sales, which accelerated after the US market opening, increased much more after the market close. The Bitcoin price, which fell to $ 58,000, was triggered by the failure of the last $ 65,000 test. So what’s going on?
Why Are Cryptocurrencies Falling?
In the last 24 hours evaluations BTC We mentioned that the price could fall to $ 61,700 and below. The expected scenario happened, but no one expected it to happen so fast. The failure of the $ 65,000 test and the continuation of Binance-centered sales, as we have been saying for hours, panicked investors. With the loss of the $ 61,700 support, the decline was expected to accelerate until the opening of the Asian markets at the latest. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
And that’s what happened. Investors started selling when the stop levels were breached, thinking that one of the movements that had been repeating for months was happening again. This was recently future Bad news can also have insider pricing.
In the last 4 hours, $189 million worth of long positions were liquidated. Investors who had conditioned themselves that the bullish attempt would fail and reverse rapidly like previous attempts were proven right once again and received their reward. PCE data the most important development of this week and Friday is key. However, even though things are going well on the macroeconomic front, cryptocurrencies are negatively diverging in risk markets while DXY has fallen to the 100 base (52-week low). We will see if there is a special reason for this.
In the ETF channel for now BTC 18.3 and BITB saw an outflow of $6.8 million. We may experience the first net outflow day since August 15.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
