Bitcoin got punished pretty badly this round—couldn’t hold the 77,000 level, and in the short term a wave of stop-loss orders was blown out.
$BTC
Brothers, I just took a quick look at the chart—Bitcoin directly drilled through the 77,000 “iron floor.” The low touched around 76,975, and it’s down 2.3% over the past 24 hours.
It may not look like many points, but once this position breaks, the whole situation changes. 77,000 was originally a psychological line for a lot of people, and for perps longs, stop-loss orders are very likely clustered around this area. Once that gets poked throug