Bitcoin dropped by 1.91 per cent in the last 24 hours, reporting US$ 77,656.37. Following the Jackson Hole conference, the market is expected to keep high interest rates in the United States warm, risk asset pressures are under pressure and encrypted market moods are weakening.
Clearing for a drop
This turnback is accompanied by a larger settlement of derivatives. The data show that the total amount of the relevant settlement in Bitcoin amounted to $141.57 million, of which multiple warehouse settlements amounted to approximately $180 million. Multi-head silos have further amplified short-line drops.
Market volatility tends to rise significantly when high-leverage positions are rapidly squeezed out. Liquidation data also indicate that short-line holding within the current price range remains fragile.
$75,000 to $76,000
In terms of current trends, $75,000 to $76,000 is the next critical support area for bitcoin. If the price is kept in this zone, the market may be moved to consolidation.
If $75,000 falls, the lower space may be further opened at a price or will be tested at a line of $700,000. The short-term orientation remains closely linked to the expected changes at the macro level.
Market waiting for US PCE data
Next, investors will focus on US PCE inflation data. This data could influence the market ' s judgement of the Fed ' s follow-on policy and could be an important trigger for the next phase of the Bitcoin fluctuations.