This Week in Bitcoin: Bitcoin Crashes!!
GM Plebs💜⚡
I hope everyone had a great weekend I'mma make this brief so let's get right into it.
The Bitcoin Crash -What Happened?
While some have speculated that Elon Musks' Space X selling Bitcoin was the cause of the crash, the most likely calprit is leveraged longs being liquidated.
From Coindesk,
“We've seen BTC [open interest] ramp up in position, with a bias to shorts,” said Decentral Park Capital trader Lewis Harland, in a message to CoinDesk. “The break below $28,500 led to material volumes of longs being liquidated. This has been combined with spot selling ahead of the date (likely anticipating further delays).”
In otherwords, over leveraged positions got cooked and the weak hands got shook.😏
Just know that this is going to keep happening on the road to retesting 70k. I'm being patient and stacking sats, plus buying the dip(s).
Hold the line guys,
CB
#coffeechain
#Bitcoin #btc #nostr #bitcoincommunity #bitcoinnews #lightningnetwork
CB ₿itcoinomics
npub1t8…2cwql
2023-08-21 14:15:01
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2023-08-21 14:15:01Event JSON
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"content": "This Week in Bitcoin: Bitcoin Crashes!!\n\nGM Plebs💜⚡\n\nI hope everyone had a great weekend I'mma make this brief so let's get right into it.\n\nThe Bitcoin Crash -What Happened?\n\nWhile some have speculated that Elon Musks' Space X selling Bitcoin was the cause of the crash, the most likely calprit is leveraged longs being liquidated.\n\nFrom Coindesk,\n“We've seen BTC [open interest] ramp up in position, with a bias to shorts,” said Decentral Park Capital trader Lewis Harland, in a message to CoinDesk. “The break below $28,500 led to material volumes of longs being liquidated. This has been combined with spot selling ahead of the date (likely anticipating further delays).”\n\nIn otherwords, over leveraged positions got cooked and the weak hands got shook.😏\n\nJust know that this is going to keep happening on the road to retesting 70k. I'm being patient and stacking sats, plus buying the dip(s).\n\nHold the line guys,\nCB\n#coffeechain\n#Bitcoin #btc #nostr #bitcoincommunity #bitcoinnews #lightningnetwork",
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