The new trading week is starting with a brutal game of chicken.
BTC
77,269.58
+0.55%
just slipped beneath the $77,000 support level, hitting a multi-week low of $76,869 before finding an aggressive local bounce back up to $77,820.
The catalyst?
a perfect storm of a 6% sticky US PPI inflation print, crude oil climbing over $107, and a massive $670 million leverage liquidation wipeout.
This is a classic Monday morning margin flush to clear the boardroom before the next leg.
Watch the $76.5k level if it holds, the worst of the leverage panic is behind us.