Bitcoin long traders lost $584 million in a single Monday session, the largest long wipe-out since early February. Bitcoin opened the week at $77,385, fell below $77,000, and reached a session low of $76,031. Total crypto futures liquidations reached $657 million, with most losses from long positions, while open interest dropped about $1.5 billion late last week and again on Monday. Stablecoin market cap rose to $322 billion, adding $2 billion in a week. Risk premium increased after a post about potential military action against Iran, while diplomatic efforts from Saudi Arabia, Qatar, and the UAE tempered the move. Brent crude settled between $110 and $112 as shipping through the Strait of Hormuz effectively halted, and the U.S. 10-year Treasury yield rose to 4.7%. By Wednesday morning, bitcoin recovered to just above $77,500 and retested the Weekly Open, with analysts requiring sustained taker-side demand to continue recovery. Support is anchored near the 30-day accumulator cohort cost basis around $76,500 and the May Monthly Open at $76,318.
"Bitcoin opened the week at $77,385, slid below $77,000 on Monday, and touched a session low of $76,031. Total crypto futures liquidations reached $657 million on Monday, with $584 million coming from long positions. Bitfinex analysts described it as the largest single-session long wipe-out since early February. Open interest dropped roughly $1.5 billion late last week, with an additional decline on Monday as well."
"Bitfinex analysts place BTC's critical support at the May Monthly Open of $76,318, aligning with the 30-day accumulator cohort cost basis near $76,500. By Wednesday morning, bitcoin had recovered to just above $77,500, retesting the Weekly Open of $77,385. Bitfinex analysts said sustained taker-side demand is required to continue the recovery trend forming on mid-timeframes."
"The sell-off came as Donald Trump posted on social media about potential military action against Iran, lifting the risk premium across global markets. Diplomatic efforts from Saudi Arabia, Qatar, and the UAE tempered the move, but traders were already unwinding exposure. Brent crude settled between $110 and $112 per barrel as shipping through the Strait of Hormuz effectively halted."
"Stablecoin market cap reached $322 billion, adding $2 billion in a week, signaling dry powder available for a potential push above $80,000. The U.S. 10-year Treasury yield climbed to a 16-month high of 4.7%, repricing duration-sensitive assets lower across the board. In the latest report, Bitfinex analysts noted the failure to hold $80,000 was in line with their expectations, citing confluence from onchain metrics including the Short-Term Holder Realised Price and the True Market Mean."
Read at news.bitcoin.com
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