Bitcoin crashed to nearly $25,000 yesterday, driven by significant liquidations and speculation surrounding Space X’s bitcoin sale.
Speculation that the ‘Dogefather had thrown in the towel on crypto’revisiting SpaceX's Bitcoin write-down in 2021 and 2022. The piece hinted that SpaceX, under CEO Elon Musk, might have offloaded its bitcoin holdings, leading to market speculation that Tesla might have done the same and the “Dogefather had thrown in the towel on crypto.”Derivatives market in bearish mode
The aftermath of this break has shifted the derivatives market into a bearish extension mode, QCP continued. Bitcoin's perpetual funding rate is now at its most negative in half a year. Ether faced even more pronounced effects, with Deribit perps trading as low as $1,466.lawsuit against the SEC — which could impact decisions about other pending spot bitcoin ETFs — and Fed Chair Jerome Powell's upcoming speech at Jackson Hole next week.
Despite the market's recent turbulence, the key $24,000 to $25,000 zone for bitcoin has held firm, QCP said, predicting an end to the current corrective Wave A, followed by a bounce in Wave B to test the wedge bottom, and finally, a concluding Wave C to round off the quarter — what the firm calls its “supermoon correction window.”© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
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