I hate to say this but there might be a Bear to come this 2nd quarter.
Do you think this isn't the bear yet that you are talking about? Bitcoin's price has already fallen from almost $65,000 to around $53,000. That is more than $10,000 lost. Does that not look a bear to you? Or is it exactly the bear that you are talking about?
Don't hate to say a bear is coming. Crypto, just as others, is always a bear and bull story. It is not bad for the bears to come pay a visit. That is a signal for us all to start buying cheap. Bears are always welcome. You just have to appreciate their presence and do the most appropriate thing to do.
Generally when you see $10 Billion in liqudations in one day it usually means that its a temporarily dip. What is more worrying is if we have a slow grind down day by day. What happened yesterday was an over exaggeration to the India banning bitcoin news.
Why did it fall so much? Well look at how many people were over leverage. I think the funding for the Dec 2021 futures was over 25% which is crazy. The OI kept going higher and higher and hence its no surprise that so many people got liquidated.
The news about India banning Bitcoin is old. I don't know if the big dip very recently has something to do with it. It might have contributed a little. It must have something to do with the new FUD about money laundering. I don't understand why it was treated as if it was a big deal when it was also an old issue.
But we are now on the rebound. The price of Bitcoin has quickly recovered from the bottom and is now on its way to full recovery to $60,000.
India, Turkey, - we have heard that news but I don't think this is the main reason of the massive liquidations in recent days. Some say it has to do with that unfounded tweet that US Treasury is chasing some entity for crypto laundering.
But yeah, BTC seems to be green now, everything is clearer, the news was obviously a FUD, market is back and has rebounded to $55k or more. So another imminent break out might happen, so let see how it pan out.
The negative news coming from India and Turkey is now balanced out with the positive news coming from China. We'll see which one of them will affect and contribute more to Bitcoin's price in the next days.
I thought the green has already taken over when Bitcoin surpassed $55,000 and even went as high as $57,000. But now we are back $54,000. There must be a large amount of sell orders happening right now.