The entire network has sold out 200 million magnesium! Bitcoin "lost 4,000 points" after hitting 70,000 points
After nearly a month of default, Bitcoin once again reached a high of $70,079 last night, and then suddenly fell in a flash crash. As of this morning (30th), it once fell to $65,862, with a total evaporation of more than 4,000 points.
CoinGlass data also shows that in the past 24 hours, the liquidation of the entire network was close to US$200 million. Among them, the liquidation amount of long orders (buy up orders) was more than two or three times that of short orders (buy down orders). This wave of bullish forces can Said it was a heavy loss.
Why did Bitcoin suddenly plummet? U.S. government sell-off triggers panic
Why did Bitcoin suddenly plummet after hitting $70,000? Many foreign media blamed the "U.S. government" for the plunge.
According to a report by the currency circle foreign media "Cointelegraph", data from the blockchain analysis platform Arkham showed that the US government's wallet transferred approximately US$2 billion worth of Bitcoin last night, and the price of Bitcoin reacted violently almost at the same time, from 70,000 to 70,000. The dollar fell from its highs.
Skew, a well-known anonymous analyst, said that on the surface, the US government just transferred funds to a new wallet, but this is usually a preparatory action for OTC-related auctions.
Source: Arkham
U.S. Government Bitcoin Wallet Addresses Monitored by Arkham
Fund founder angrily criticizes: The country is destroying the rising trend of Bitcoin
Just like the German government's previous large-scale selling of coins, this time the market seems to be affected by the government's selling pressure again. Charles Edwards, founder of digital asset fund Capriole Investments, complained:
"Just when you thought the sell-off was over, the current administration finds another way to screw us."
Image source: X/caprioleio
The founder of a digital asset fund angrily criticized: The country is destroying the rising trend of Bitcoin
Skew also pointed out the situation of large-scale profit-taking. Judging from the market order book, Bitcoin spot buyers worked hard to push the price up, but encountered massive selling, so the short-term frame (LTF) price could not be maintained at $70,000. above. As a result, some late longs were forced out, and more longs were liquidated below $67,000, causing the sell-off to continue.
Image source: X/Skew
Analyst Skew analyzes Bitcoin trends
Another analyst, Josh Rager, made a pessimistic forecast. He believed that Bitcoin has recently created three lower highs, and the same thing may happen next; while trader CrypNuevo reminded investors to be cautious. Because this Wednesday (7/31) U.S. time will usher in the Federal Reserve's FOMC interest rate meeting, the market usually fluctuates violently. "This is not an easy week."
Image source: X/Rager
Analyst Josh Rager analyzes Bitcoin trends
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice. The analysts’ views are for reference only. Users should consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
