Move over, Three Arrows Capital! Bitcoin is here to steal the spotlight! 💥
Despite one of the largest intraday selling events since 2022, Bitcoin is still holding strong above the key $95,000 psychological support. 💪
André Dragosch, head of research at Bitwise Europe, said, “We have just reached the highest amount of selling pressure on Bitcoin spot exchanges since the collapse of 3AC in June 2022. Yet, the price is still close to $100,00.” 🤯
Bitcoin’s price resilience may signal “seller exhaustion,” added the researcher. 😴
The collapse of 3AC, a Singapore-based crypto hedge fund that once managed over $10 billion worth of assets, sent shockwaves through the cryptocurrency market in 2022. 🌊
But Bitcoin is like the cockroach of the financial world – it just keeps going! 🐜
Bitcoin’s investor sentiment remains pressured by global trade war concerns following new import tariffs announced by the United States and China. 💣
While Bitcoin temporarily fell below $95,000, a correction below the key $93,000 support may cause significant downside volatility due to the growing crypto market leverage. 📉
A potential Bitcoin correction below $93,000 would liquidate over $1.7 billion worth of cumulative leveraged long positions across all exchanges, CoinGlass data shows. 💸
But hey, who needs a boring old trade war when you have Bitcoin to keep things interesting? 😜
Meanwhile, market participants await President Donald Trump’s upcoming discussions with Chinese President Xi Jinping, which are aimed at resolving trade tensions and avoiding a full-scale trade war. 🤝
Trump was scheduled to meet President Jinping on Feb. 11, but reports citing unnamed US officials suggest that the meeting would be delayed, according to a Feb. 4 WSJ report. 😒
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2025-02-10 14:42