BTC’s Price Plunge: A Dance of Bulls, Bears, and Whales 🐘🐻‍❄️🐳

by

Ladies and Gentlemen of the Cryptoverse:

  • Though retail traders and whale-sized magnates have endeavoured to temper the BTC price’s descent, the bears, with their cunning, may yet orchestrate a grand purge to $106K. One might say it is a most *exhilarating* game of cat-and-mouse! 🐾

  • The spot and perpetual futures volumes, though bustling, lack the vigour of a well-attended ball, thus leaving the market’s trend reversal as fleeting as a summer breeze. Sellers, ever the hosts, continue to entertain with their salesmanship. 🎉

Bitcoin (BTC), that most capricious of assets, finds itself in a delicate tango with the $112K mark, mere hours after the crypto realm bore witness to its most lavish liquidation feast of the year. On Monday, $1.62 billion in long positions were summarily dismissed, and as the market stumbles toward recovery, Glassnode’s analysts whisper of a bull market’s twilight. One cannot help but wonder if this is the dawn of a new era-or a prelude to a most *unpleasant* dénouement. 🕯️

Though BTC briefly clung to the $112K perch, the Hyblock’s cumulative volume delta reveals sellers as the uninvited guests at the feast, their presence elevating the spectre of a deeper sell-off. One must admire their tenacity, even as it threatens to drag prices toward the range’s nadir. 🎭

Peering behind the curtain, the True Retail Longs and Shorts Account (Binance) reveals that our esteemed retail investors and their whale companions have, with admirable audacity, increased their leverage longs since Monday’s debacle. The 1M-10M cohort, in particular, has anchored CVD with the fervour of a debutante vying for a dance partner. 🎠

When compared to the bid-ask ratio’s modest 10% depth, one observes selling pressure retreating like a shill bidding at an auction, as BTC attempts to consolidate within the $113K-$111K corridor. A most *delicate* balancing act! ⚖️

Though buyers have shown a glimmer of interest, the bulls remain far from exonerated. Liquidation heatmaps reveal the price gnawing through bid liquidity, with a cluster of $107K awaiting like a dessert course after a feast. One might say it is a most *savory* conclusion. 🍰

Surveying the broader Bitcoin landscape (excluding the macrocosm, spot ETFs, and US equities), the perpetual futures market reigns supreme. Open interest, much like a gossip mill, fluctuates between $46B and $53B since July 22, with recoveries at $112K and $107K proving as fleeting as a gentleman’s promise. 💬

In this peculiar state of affairs, where longs hesitate to stir the pot in spot and futures markets, the sellers-ever the schemers-may yet drive the price into the jaws of liquidation, from $110K to $106K. A most *dramatic* finale, one might say. 🎭

Read More

2025-09-23 23:15