🚨 BTC BREAKS $67,000 - $300 MILLION LONG POSITION JUST LIQUIDATED
Just happened right now.
Bitcoin dropped below $67,000 this morning, March 27. This is the lowest level in 2 weeks and the strongest dump on the day of the largest options expiry of the year.
$300 million in leveraged long positions were liquidated in just a few hours.
3 reasons simultaneously triggered this dump:
🔴 Crude oil surpassed $100/barrel again
🔴 US stocks continue to be in the red
🔴 ETF outflow of $171 million in one day - the largest in 3 weeks
The most concerning thing right now is that the liquidation heatmap is showing a massive liquidity cluster around $66,000. This is the area where many traders' stop-loss orders are waiting. If the price touches that level, the second wave of liquidations will be even stronger.
The 200-day MA is at $67,200. This is the most important technical support level at the moment. If this level is lost and a daily candle closes below it, the next downside target is $65,000.
Tomorrow, March 28, there is PCE inflation data. If inflation is higher than expected, the market will continue to be in the red. If lower than expected, there is a chance of a strong bounce.
Today is not a day to catch a falling knife. Observe and wait for confirmation.
