Crypto Market Sees $1.4 Billion Liquidations as Bitcoin Drops 8%
Crypto market liquidations reached $1.4 billion in the last 24 hours as Bitcoin price dropped 8% to around $76,100. Former BitMEX CEO Arthur Hayes suggests this is a good time for investors to buy the dip, anticipating the Federal Reserve's quantitative easing program may begin soon.
Key Points from Arthur Hayes
- Hayes acknowledged that Bitcoin fell below his predicted support level of $76,500 due to significant selling pressure.
- He expressed humor about the situation and maintained confidence in Bitcoin’s long-term potential.
- Hayes highlighted the MOVE Index as an indicator for predicting Federal Reserve intervention in the bond market.
- He warned rising MOVE levels could lead to forced selling in Treasury and corporate bonds.
BTC Technical Indicators
- Despite predictions of QE, Bitcoin's recent movements contradict expectations.
- Analyst Ali Martinez identified a "death cross" in Bitcoin’s technical indicators, signaling potential prolonged downtrends.
- Mike McGlone from Bloomberg raised concerns about Bitcoin’s long-term bullish momentum, questioning the sustainability of the "HODL" mindset.
- McGlone suggested market dynamics might revert Bitcoin's price toward $10,000.