The market just went into full massacre mode in the last hour, with $526 million going up in smoke. Bitcoin dropped to $77K, and $510 million of that was longs getting wrecked. This leverage clean-up was really thorough and swift.
Smelling that blood in the water, seasoned traders know that the big players are 'cooling off' again. Previously, the bullish sentiment was through the roof, and that long string of longs on the liquidation chart was just ripe for the picking. This sharp drop has taken out the late buyers and those using high leverage, and the OI (open interest) plummeting has actually lightened up the market. These 'bloodied chips' being dumped often signal a short-term bottom in sentiment.
As long as the $77K level can hold and we don't see any more gradual declines, this long lower wick is likely a chance to scoop up some bargains. Have you all already blown your load and are just chilling, or are you ready to dig for some gold in the wreckage? #Liquidation #CryptoMarket $BTC
Smelling that blood in the water, seasoned traders know that the big players are 'cooling off' again. Previously, the bullish sentiment was through the roof, and that long string of longs on the liquidation chart was just ripe for the picking. This sharp drop has taken out the late buyers and those using high leverage, and the OI (open interest) plummeting has actually lightened up the market. These 'bloodied chips' being dumped often signal a short-term bottom in sentiment.
As long as the $77K level can hold and we don't see any more gradual declines, this long lower wick is likely a chance to scoop up some bargains. Have you all already blown your load and are just chilling, or are you ready to dig for some gold in the wreckage? #Liquidation #CryptoMarket $BTC