US PMI exceeds market expectations... Market "Fed to hold interest rates"
BTC plunges as US long-term Treasury yields rise...Plunge starts on the morning of the 11th
Liquidation in the futures market records about 564.7 billion won in a single day due to the BTC plunge
Expert "If BTC fails to hold the current support line, it may reach $92,000"
);)
The December Service Industry Purchasing Managers' Index (PMI) released by the US Institute for Supply Management (ISM) on the 7th rose 2 points from the previous month to 54.1, exceeding market expectations. The market was dominated by the view that the Fed would hold interest rates due to the improvement in US economic indicators, and Bitcoin fell as US Treasuries rose.
On the 7th, the yield on the 10-year US Treasury note exceeded 4.70% during the day, recording the highest level since last April. Bitcoin, which had surpassed $100,000 about 17 days ago, plunged sharply as funds flowed out rapidly due to the market's view of the Fed holding interest rates and the rise in US Treasury yields.
The plunge in Bitcoin caused massive liquidation in the futures market, leading to further declines in Bitcoin.
According to data from the cryptocurrency media Coinpedia, the Bitcoin futures market liquidation on the 8th reached about $388 million (about 564.7 billion won). In particular, the liquidation that occurred in about an hour from 12 am on the 8th was $206 million (about 299.8 billion won).
Bitcoin fell about 3% from the previous day, dropping to $97,000 on the 8th. Experts have suggested the possibility of Bitcoin plunging to $92,000 based on the chart.
Popular trader 'Chad Trading' pointed out that Bitcoin has broken out of the 50-day moving average (MA), which was a major support line, due to the sharp drop in Bitcoin on the 8th. Chad Trading said, "The scenario of Bitcoin's rise has all collapsed due to the sharp drop in Bitcoin, and if the current support line cannot be maintained, Bitcoin may fall to $92,000."
Bitcoin recorded $97,186 as of 9:30 am on the 8th based on CoinMarketCap.
Kwon Seung-won reporter ksw@blockstreet.co.kr
