This is how the crypto market collapsed within a few hours: what happened after the top?

The Bitcoin price reached a new historic high on Thursday at $ 124,089, but the turnout only took a few hours.

The price of Bitcoin fell under $ 117,500, which was a livered long position of $ 227 million. Although this is an important movement, the mood in the derivative market has hardly changed: the premium of Futures transactions remained unchanged in the neutral band, indicating that the peak was not from an extreme about -trawn market situation.

Why is Bitcoin’s exchange rate falling this week?

However, the causes of the decline are complex.

The news of the most important cryptocurrency of the week in one place

At the beginning of July we had to deal with various articles to confuse the new Hungarian cryptocurrency instructions. We have written about who it is, who hears supervision and when it comes into effect. In the beginning there was a bit of confusion in space, because the surveillance authority of regulated activities (SZTFH) stated that he was not responsible for supervising cryptocurrencies in Hungary. However, the story is not over yet, because paleThat the authority appreciates it completely differently.

This week an update appeared in the Google Play Store that the technological giants ban the cryptotic disks without approval of regulations in different countries, including the United States and the United Kingdom. Immediately, in enormous waves, the outrage of the crypto community and crypto platforms rushed. After a few hours, Google withdrew and the new line withdrew.

OKX pulled 65.26 million Okbes tokens from the market in a single transaction. As a result of previous return programs, these tokens have been held in the company and have been reassured so far in the reserves of the company. This step not only has a positive effect on the exchange rate in the short term, but can also strengthen the role of token in the long term. The 21 million fixed delivery is a strictly limited model comparable to Bitcoin, which can be attractive for investors.

The founder of Qubic Sergey Ivanancheglo said this week that his own Mijnbouwpoola reached 51%of Monero’s hashrate. This would theoretically the reorganization of blocks, censorship of transactions or attempts to see double expenses for the private network. Added to X-inThe aim of that Qubic will eventually help the community to prepare for future threats and was not malicious.

The Privé -Tolerance company of Jeff Bezos, Blue Origin, increases the use of cryptocurrencies to a new level. You can now pay for space travel in Bitcoin, Ethereum, Solana, USDT and USDC. The move is not only about expanding the payment opportunities, but also reinforces the relationship between the crypto industry and the exploration of the space.

The Global Food Giant, Spar, now makes salaries possible with stable coins and other crypto in Swiss stores. As the company noted, it is the first time in Switzerland that a retail chain will introduce digital assets throughout the country.

One of the most popular Turkish cryptules, BTCTurk, Frozen Digital Assets from the customer on Thursday after Blockchain analysts indicated that nearly $ 50 million had left the platform in the form of suspicious transfers. Btcturk has not yet been able to confirm whether it was hacked, but that would not be the first time.

Inflation data decided to ruin the Bitcoin -change rate

Bitcoin fell considerably on Thursday after the American production price index (PPI), published in the United States, became much higher than the expectations of analysts. The leading cryptocurrency slipped from the new historical historical high from $ 124,000 to $ 117,000, which will be more than $ 7,000 in a short time.

The annual growth rate of PPI was 3.3%, compared to 2.5%and 2.3%last month. This is the largest monthly increase since June 2022 and suggests that the inflationary pressure remains strong. All this was in stark contrast to the more moderate consumer price index (CPI) data that were published on Tuesday, which still strengthened the optimistic optimistic outlook for risky devices, including Bitcoin.

Interest -Outlook at the end of the year

Higher producer prices, however, have reduced the reduction of market interest rate. According to CME Fedwatch, the opportunity to reduce interest rates fell from 99.8%to 90.5%on 17 September.

If the Federal Reserve illuminates slower than expected, it can brake the Bitcoin in the short term while investors become more careful.

PPI data received a quick correction

Bitcoin recently undergone a rapid correction after recently published American PPIs, but technical signs show that weakening was already suspected.

According to analysts, new peaks above $ 123,000 have developed Divergency between the exchange rate and the RSI indicator, which is often a sign of a larger fall. In this case, liquidity is collected in the vicinity of earlier peaks. The sudden decrease in the exchange rate is such a fair. He also created Failuret of the Swing pattern, which can bring a side -Hectic movement in the coming days.

They have disabled the owners of buying positions of the market

A failure of the swing pattern (That is, the failure of the waving pattern) is a technical indication when the exchange rate tries to break an earlier local peak or low point, but it cannot retain the new level and quickly turn in the opposite direction. This often suggests that market participants push the traders who open a position over the breakthrough and are forced to close them due to a change of direction.

From a technical point of view, Bitcoin is probably the consolidation phase after 11%of the last 12 days.

The bull scenario is a condition that the price permanently closes more than $ 120,000. At the same time, his chances of returning less than $ 1.17,000 increased, partly due to a longer term with double peak, which then caused a significant correction.

These support zones are now in the graph of Bitcoin -Wisselkoers

If Bitcoin can retain support for more than $ 112,000, this can benefit altcoins. A break under 112,000, on the other hand, would indicate the weakening of the short -term structure and could bring the exchange rate of $ 105,000 to $ 1110,000.

2021 Pattern can be followed by the exchange rate

More and more technical analysts compare Bitcoin’s current exchange rate chart with earlier cycles to predict peaks, sales times and when the capital flow to other assets.

The Cryptocurrency Nebraskangooner drew attention to the fact that the peak pattern of 2021 is almost the same as the current one, which shows a double peak-shape-a formation in the eyes of many traders.

Bitcoin follows the double peak pattern of 2021

According to analyst Benjamin Cowen, the graph follows the pattern of the mail -event period: July -Augustus, September Fine, followed by new peaks at the end of the year, which can be followed by MedVeiac.

However, others are skeptical.

Merchant Kale Abe says that the graphs and fractals are overestimated, and the point is how long companies with large Bitcoin reserves still buy. Moreover, the exchange rate of Ethereum is close to its record so far, which, in his opinion, excludes the possibility of a nearby Bear market.

And Peter Brandt Veteran Merchant believes that the graphs are the most good to see where the prize came from and where it is.

The big fish still operate in red at any time for shopping

Although many long positions have been forced in recent days, a large character in shopping was particularly striking. The BlackRock Ishares Bitcoin Trust (IBIT)-The largest place Bitcoin ETF in the United States has a BTC on Thursday more than $ 500 million worth more than $ 500 million. He also expanded his ether stock with a similar amount, with the exchange rate in the short term.

The move was also noticed by the trading community.

According to Bitbull analysts, this clearly shows that institutional investors “Buy the dip“They follow a strategy, which means that they use all exchange rate drops to buy.

Bitcoin ETF capital inflow this week

Eric Balchunas, an ETF analyst at Bloomberg, added that BTC and ETH Spot ETFs reached $ 11.5 billion on Thursday with Apple’s daily trading volume. This indicates that large money takes the market corrections seriously.

Cme gap is closed

With a recently fell to $ 117,000, Bitcoin largely filled the last weekend exchange rate (CME GAP) on the CME Group Bitcoin market. This movement has indicated an important technical level for many traders, because the market often returns to these open slots before taking a new direction.

Cme gap on bitcoin graphics

According to TED cushions, Cryptob Investor, this could have been the local low point, and a new rising wave could start.

Daan Crypto Trades, on the other hand, carefully warned and noted that CME GAP levels can remain a good opportunity for the price to restore the previous lows. The current movement can therefore provide the basis for optimism and reasoning for the attentive waiting.