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The cryptocurrency market is experiencing significant turbulence due to several major events. The German government is selling BTC, and Mt. Gox repayments are underway, leading to substantial ETF outflows. In the last 24 hours, nearly $300 million in long positions have been liquidated. Market participants are positioning for a potential downturn, with many expecting a short squeeze before a possible decline in July. The market's reaction to these events could mark a local bottom for BTC, with increased shorting activity anticipated.
With Mt Gox, German coins, ETF selling on the horizon, I do not believe that support levels and ranges will hold NVDA looking like a local top The only buyers seem to be leverage and short term traders knife catching These moves typically result in a multi billion dollar… https://t.co/4t70LPP25b
Everyone who was long getting liquidated and the Mt Gox news could actually be a local bottom. Everyone piles in short at the bottom of the BTC range and then gets liquidated this week before we resume down only in July. Lets see what we get.
Everyone who was long getting liquidated and the Mt Gox news could actually be a local bottom. Everyone piles in short at the bottom of the BTC range and then get liquidated this week before we resume down only in July. Lets see what we get.
