$14B in 30 days: Largest 3-week BTC drawdown since 2018, with prices plummeting towards the $70,000 level.
Market context: Yesterday's revelation of Strategy s BTC sale sent shockwaves through the crypto market, despite being deemed relatively trivial by analysts. According to recent reports, the sale weighed heavily on investor sentiment due to lingering geopolitical risks. #cryptomarkets
Smart money is selling on the dip, but this doesn't necessarily mean it's time to panic. Historically, BTC tend to find support during periods of heightened market volatility. A key on-chain metric, the Spent Output Age Ratio, has yet to show signs of extreme capitulation.
Looking ahead, watch for the BTC/USDT price to hit $68,500, as this level has historically served as a key pivot point. If breached, it may set the stage for a potentially larger move. Will the bottom be in soon?
What's your read on the crypto market's current state?
Market context: Yesterday's revelation of Strategy s BTC sale sent shockwaves through the crypto market, despite being deemed relatively trivial by analysts. According to recent reports, the sale weighed heavily on investor sentiment due to lingering geopolitical risks. #cryptomarkets
Smart money is selling on the dip, but this doesn't necessarily mean it's time to panic. Historically, BTC tend to find support during periods of heightened market volatility. A key on-chain metric, the Spent Output Age Ratio, has yet to show signs of extreme capitulation.
Looking ahead, watch for the BTC/USDT price to hit $68,500, as this level has historically served as a key pivot point. If breached, it may set the stage for a potentially larger move. Will the bottom be in soon?
What's your read on the crypto market's current state?