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Brothers, tonight at 10 o'clock, start broadcasting on time. Today's market can only be described in two words - bloody.
BTC skyrocketed from $71000 to a high of $76900, setting a new three-month high since May 27th. Currently oscillating above 75000, with a 24-hour increase of over 8%. ETH surged synchronously, reaching $2350, with a 24-hour increase of over 4%, and briefly broke through $2380 during trading. XRP rose nearly 15%, DOGE rose over 8%.
First, let's take a look at the liquidation data - the bears have been completely blown up
In the past 24 hours, the entire network has experienced over 800 million US dollars in liquidation, with 671 million short positions and only 170 million long positions. But data from different sources is even more exaggerated - statistics show that the total amount of short positions cleared in 24 hours reached 1.31 billion US dollars. Over 127000 people were cleared from the scene.
The largest single liquidation occurred in the Binance BTC contract, with a value of 7.85 million US dollars instantly resetting to zero. In the past 4 hours, another 160 million yuan has exploded, with short positions accounting for 70%.
This is not a rebound, this is short selling - short positions are repeatedly liquidated, buy back orders push prices higher, forming positive feedback.
How to characterize this market trend?
Triple Drive
Firstly, force the air to stomp. The short positions in the derivatives market were extremely crowded, triggering a chain liquidation after the price exceeded $70000. Short covering buying has become a driving force.
Secondly, macro assistance. The US Treasury Department has increased the scale of long-term bond repurchases, causing the yield on 30-year US Treasury bonds to drop by 10 basis points at one point. Expectations of a weaker US dollar have boosted risk assets. Trump held talks with cryptocurrency companies at the White House and demanded that Congress clarify digital asset rules.
Thirdly, emotional reversal. The Fear Greed Index was still at 62 yesterday, but today it has skyrocketed to 72, reaching a new high since October last year. Overnight, the market sentiment completely reversed from 'greed' to 'extreme greed'.
[Key Position Tracking]
Above BTC: 76900 is today's high and currently the strongest resistance. Breaking through here, 78000-80000 is the next goal.
Below BTC: 74000 is the first support. 72500-73000 is the second support, if the pullback does not break here, it indicates that the bullish structure is still in place. Breaking below 72000, this bearish trend may temporarily come to an end.
Above ETH: 2380 is today's high, break through to see 2420-2450.
Below ETH: 2300 is the first support. 2200 is the second support. If we can't hold on here, we'll have to give up half of this surge.
Tonight at 10 o'clock, we will talk about three things
1、 Is this violent rally the stage climax of a bearish market or the starting point of a trend reversal? How much fuel will there be after the short position has exploded by 1.3 billion?
2、 Are you chasing over 75000? Can I connect below 74000? Tonight, we will directly provide specific order placement points and stop losses.
3、 It only took 24 hours for emotions to jump from fear to greed. Should we continue with the carnival or take profits? After extreme market sentiment, it is often accompanied by violent fluctuations. See you at 10 o'clock.
Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.
