What is happening in the market? Bitcoin has broken down out of its ascending corridor after all, causing some serious market nerves. The drop below 73,000 broke the local trend and triggered an avalanche of selling, with retail traders and major players panicking alike. Because exchanges were heavily overloaded with leveraged open positions, the decline turned into a cascade. In just an hour and a half, half a billion dollars in longs were forcefully liquidated, and the fear index instantly plummeted into the extreme panic zone. Just a week ago, everyone was completely calm, but now sentiments have flipped entirely.
Bitcoin dropped below $73,000. What is happening in the market?
Bitcoin has broken down out of its ascending corridor after all, causing some serious market nerves. The drop below 73,000 broke the local trend and triggered an avalanche of selling, with retail traders and major players panicking alike.
Because exchanges were heavily overloaded with leveraged open positions, the decline turned into a cascade. In just an hour and a half, half a billion dollars in longs were forcefully liquidated, and the fear index instantly plummeted into the extreme panic zone. Just a week ago, everyone was completely calm, but now sentiments have flipped entirely.
