Bitcoin weakness, liquidations and a divided crypto mood
BTC closed below its 50-week MA for the first time in eight weeks, with $1.04B of longs liquidated. Traders are split between bottom calls and warnings the bounce is a trap.
What we know
An account on X reports $1.04B in long liquidations and BTC below its 50-week MA. Another account on X says a break of 81.4K would confirm a trend change. Another account on X sees a bullish divergence on 12hr candles, while another account on X RTs that a violent bounce doesn't mean the bottom is in. Sentiment is gloomy. Another account on X discusses the failed breakout and another account on X RTs that onchain has been nuked badly. Another account on X notes Bitmine has bought ETH for 71 straight weeks.
How the story developed
BTC closed below its 50-week MA for the first time in eight weeks, with $1.04B of longs liquidated. Traders are split between bottom calls and warnings the bounce is a trap.
BTC around $75K broke below its 50-week MA, with over $1B in longs liquidated in 24 hours. Equities bounced strongly, leaving crypto lagging, and traders are split on whether the bottom is in.
After a sharp correction and large crypto liquidations, equities rebounded Monday and Morgan Stanley sees the correction nearing its end. BTC is weak near 75K and all eyes are on Tuesday's CPI.
Stocks rallied Monday (S&P ~7,438, Nasdaq +2%, VIX down) after a sharp Nasdaq-100 drawdown, with Morgan Stanley calling the correction near its end. BTC dipped to $75K and ~$750M was liquidated, so crypto remains fragile.
Compiled with AI by the Global Eye 24 desk from public posts across 5 of our monitored source feeds, and updated each hour while the story develops. Spot an error? Write to corrections@globaleye24.com.