Macro deleveraging



After hitting a 21-month low at $58,107, BTC saw a +1.66% technical rebound to $59,217, but it still fell -3.45% on the day. The core driver comes from the macro landscape: the Iran war has pushed up oil prices, reversing expectations of interest rate cuts; the new Fed Chair's hawkish remarks have led the market to price in a possible rate hike in October; the 2-year US Treasury yield rose to 4.15%, and a stronger USD has exerted systemic pressure on BTC. On the derivatives side, approximately $2 billion in OI evaporated simultaneously, along with $414 million in long liquidations, triggering sharp deleveraging in the leveraged market. The current RSI has dropped to 23.6 (oversold), indicating a short-term need for a technical rebound, but the macro headwinds have not dissipated.
BTC-1.96%
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