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Bitcoin just hit its lowest level since August.
Down to around $67.4K.
Here's what happened in the last 24 hours:
BTC lost $72K in the US session.
Then broke $70K overnight in Asia.
That triggered a wave of forced selling.
About $1.47 billion in liquidations.
$1.31 billion of that was longs.
Over 175,000 traders wiped out.
Why it's happening:
Traders now expect the Fed to HIKE rates in December, and some fear 50 basis points instead of 25.
The dollar is at its strongest since April 2025.
The 10 year Treasury yield is above 5%.
Nvidia's CEO Jensen Huang resigned amid an internal investigation, rattling tech and risk assets.
And BlackRock's Bitcoin ETF has bled over $2 billion in nine straight days of outflows.
Fear and Greed: 20. Extreme Fear.
BTC is now roughly 11% below Strategy's $75.4K cost basis.
And CoinDesk reports it's slipped below the 200 week moving average, a level that's held as a floor in past bear markets.
The levels:
$70K is now resistance.
$66.9K is today's low.
Lose that and $60K comes into play.
Panic or opportunity? 👀
2. Fake consolidation, real downward continuation: A so-called “accumulation zone” can also be a continuation of the downtrend, repeatedly luring buyers in; every rebound creates another chance to get trapped.
3. Liquidity and gaps: U.S. stocks can gap dramatically before and after market hours, causing many grid orders to execute at sharply different prices. You may not capture the expected spread, and slippage costs can be high.
4. Time cost: If the price gets stuck grinding within this range for months, capital tie-up and opportunity costs are high; grid trading suits “a market with consolidation and volatility,” not one that “goes nowhere.”
One-sentence conclusion