Veteran trader Michael XBT is doubling down on his bearish outlook for Bitcoin, even after it has already fallen 12%. He argues that a major breakdown could trigger a “total destruction” across the market. In a series of posts on X, the trader said Bitcoin’s next move lower could be severe. He claimed his short
Bitcoin fell sharply for a third straight day, sliding below $66,000 on Wednesday and wiping out all of its April gains. Key Takeaways: Bitcoin slid under $66,000 on Wednesday, wiping out its entire April rally and hitting an intraday low of $65,362. Over $1 billion in total crypto positions were liquidated over two days, led
Bitcoin ($BTC) trades near $67,002, and on-chain data from Glassnode shows the long-term holder cohort is signaling more downside before this bear market prints a cycle low. Three Glassnode charts point in the same direction. Holders carrying coins for over 155 days appear stressed. Yet they have not reached the pain levels that historically marked
The crypto market fell nearly 7% in 24 hours into June 3, with Bitcoin briefly breaking below $66,000 and around $1.8 billion in positions wiped out. The drop looked sudden, but the on-chain data had been flashing for days. Leverage sat at October-crash levels, funding ran hot, and a rare Strategy Bitcoin sale was the
Traders looking for silver linings as Bitcoin price dropped to $65,710 on June 3 are not getting it from analysts who point to how derivatives trades are setting up and the long line to exit crypto funds in their warnings that more pain could be coming. The money leaving crypto is not disappearing into thin
Jamie Coutts, Chief Crypto Analyst at Real Vision, believes crypto may have one more leg lower before a recovery, but says anyone buying Bitcoin in the $60,000s on a long-term horizon is likely making one of the better financial decisions available right now. Speaking in a recent interview, Coutts laid out a measured case for
Bitcoin has suffered a decisive breakdown from its multi-month rising channel, triggering a sharp sell-off that pushed the price toward a major support cluster around $65K. The rejection from the 100-day moving average and the inability to reclaim lost support levels suggest sellers remain in control in the near term, although $BTC is now approaching
Bitcoin ($BTC) has dropped 8% to a nine-week low of $65,360 from Tuesday’s high of $71,300 amid increasing geopolitical risks surrounding the US-Iran war. Key takeaways: Bitcoin slipped to $65,000 on Wednesday in a market-wide correction, liquidating $774 million in longs. Traders say Bitcoin needs to hold $60,000 as support to avoid a deeper correction
The leading cryptocurrency, Bitcoin ($BTC), surged above $82,000 in the first week of May, but this was short-lived. Since mid-May, factors such as rising geopolitical risks in the Middle East and increased ETF outflows have caused the $BTC price to fall to $65,000. However, Bitcoin has reached its lowest point at the Power Law level,