The crypto market took a violent hit this weekend as Bitcoin crashed below the psychological $80,000 mark. The sudden drop triggered over $800 million in liquidations, completely wiping out over-leveraged long traders in a matter of hours
Market analysts are tying this massive dump to rising geopolitical tensions in the Middle East and spiking oil prices, which have spooked investors right before the highly anticipated Federal Reserve policy meeting this week.
This is a classic deleveraging event. Flushing out excess leverage is necessary for the next leg up. Keep a close eye on the $77.6K – $78K support zone. Don’t panic - stay patient and wait for a clear reversal structure.
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