Bitcoin Falls to $73,761: Over $1 Billion in Liquidations in 24 Hours
Bitcoin touched $73,761 on Sunday evening before climbing back towards $74,850. Over $1 billion liquidated and support at $73,150 in sight.
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Everything is decided at the end of the day on Sunday in New York. Marco Rubio says negotiations with Iran have stalled. The same evening, Nvidia's board announced an independent investigation into its boss Jensen Huang. The stock exchanges are closed and cryptocurrencies are cashing in on their own. CoinDesk puts the lowest at around $73,761, a level Bitcoin hasn't seen since August. The rebound above $75,000 then failed to hold.
CoinLore was at $74,850 at 5:54 a.m. Monday, down 1.3% in 24 hours and 4.2% over seven days. The total market capitalization is close to $2.49 trillion and Bitcoin accounts for 60% of it. Ether, on the other hand, suffered more with a decline of 4.3% over the day, towards $2,138.
A liquidation is the forced closure of a position taken with borrowed money when the price goes in the wrong direction. CoinGlass data cited by CoinDesk counts more than $1 billion in 24 hours, including $913 million in bullish bets. Most of it was gone in six hours. Detail that counts: Ether accounts for 448 million dollars of these losses compared to 272 million for Bitcoin, and the largest order liquidated (48 million dollars) was also in Ether.
Do you feel like you’ve read this number before? It's normal. A billion dollars of bullish positions had already been erased at the end of last week.
The feeling follows. The Fear & Greed index (a barometer from 0 to 100 of market mood) is at 28, in the fear zone, after 25 the day before and 34 a week ago.
Two moving averages frame the price according to CoinDesk. The 200-day average moves towards $73,150 and serves as support, that is, the floor where buyers are expected to return. Conversely, the 100-day one is resisting around $77,430. Sunday's wick stopped $600 above the floor.
Spot Bitcoin ETFs don’t help. They lost 1.282 billion dollars between November 2 and 6 according to a count relayed by Wu Blockchain, including 1.209 billion for BlackRock's IBIT alone.
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- Journal du Coin9 Nov, 06:11Bitcoin Falls to $73,761: Over $1 Billion in Liquidations in 24 Hours ↗Figures: 1 milliards
| Publisher Journal du Coin (general tier) | +72 |
| Checkable figures cited | +3 |
| Total | 75 |
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