Analysis: Why Did Bitcoin Crash?

Analysis: Why Did Bitcoin Crash?

Bitcoin both technical and onchain based on their analysis Bitcoin We were expecting a pullback to the side. As W’SJ reported during the night, the news began to spread that ‘SpaceX sold $373 million worth of bitcoins’ and we had to seriously backtrack, but this news is yet to be confirmed. In addition, the Chinese real estate giant Evergreen The filing for bankruptcy also added to the fear in the markets.

In the next hours, SEC futures, which we follow from CryptoPNZ, ETH We can say that the news that he may accept ETF applications has put a halt to the withdrawals. In the process, transactions worth $1.04 billion were liquidated in the crypto money market within 24 hours, and 80.11% of them were liquidated. tall Process.

Contact us to be notified immediately about last minute developments. Twitter They Wire You can follow our channel.

So what are the current conditions on the bitcoin side?

When we look at derivatives exchanges in general, with yesterday’s fall the number of open transactions on the forward side came down significantly, and they either got liquidated or were closed by the owner of the transaction himself.

Currently open transactions on the bitcoin side are mostly small. When we look at all the cryptocurrencies that can be traded long or short, it seems to be underweight on that side.

Spot buying for bitcoin looks a bit better than long trading on the futures side, but we need to see an increase in this purchasing power for growth.

After 18:00, the SEC Grayscale Bitcoin ETF application decision is expected to be announced, which will likely be postponed to a later date.

bitcoin pinpoint technical price analysis

What will happen to BTC now?

Can BTC be bought from here?

The downtrend in BTC continues. The area it is in is a very risky area. I don’t think the decline is over yet. He may re-examine the place where he inserted the needle.

Close Support in BTC $26,149 Stop! A 1- or 2-hour candle close below this price could see a continuation of the decline.

BTC Key Support $25,760

Also, the situation is slightly positive as BTC is currently above the support. But let’s be careful. Let’s not open any business without stopping.

continue support

Support Break Stop!

Let’s move on to the conclusion. Let’s not open business without stopping