An accident on the cryptography market is underway today, on August 14, just a few hours after Bitcoin reached a new summit of all time.
Summary
- The cryptography market accident occurred after the strong data of the PPI.
- It happened while liquidations jumped more than 90% to $ 1 billion.
- Bitcoin has formed the highly lowered double top model.
The price of Bitcoin (BTC) has erased its previous gains and fell to $ 117,000, while the best tokens like SPX6900 (SPX), Dogwifhat (WIF), Celestia (TIA) and the graphic plunged by more than 10%.
The current accident launched a 91% leap in liquidations, totaling more than $ 1 billion. More than 216,000 traders have been liquidated.
An accident in the cryptography market linked to the interest rate reduction rate federation of interest rates
The crypto and the stock markets withdrew while the chances of a drop in the September interest rate decreased slightly. Polymarket data has placed these dimensions at 73% compared to the top of 80% of this week.
Likewise, the CME Fedwatch tool shows that the ratings went from a maximum of 99% Wednesday to 90.6%. These ratings decreased after the United States published data from the July producer price index,, which were higher than expected.
According to the Bureau of Labor Statistics, the PPI increased from 0% in June to 0.9% in July and from 2.6% to 3.7% on an annual basis, which indicates that prices have an impact.
The PPI report occurred two days after the publication of consumer inflation data. The IPC The head remained 2.7%, while the closely watched central figure increased to 3.1%, moving away from the 2%target of the Fed.
These figures arrived one day after Austan Goolsbee, president of the Federal Reserve of Chicago, said that he would need to see inflation drop before supporting the rate reductions. He warned that the prices will be stagflationaries, complicating the next Fed meetings.
Liquidations that contributed to the cryptography accident
The accident has also been fueled by an increase in liquidations, which added sales pressure to the market. Coinglass data show that total open -end interests cited more than $ 215 billion, the financing rate climbing to + 0.0105%.
These figures indicate that most traders have been positioned for a long time while Bitcoin and Altcoins jumped earlier during the day. After the PPI report, liquidations increased, pushing the lower cryptographic prices. Panic sales probably worsened the decline as prices have dropped.
Bitcoin price double -top model
Technically, the dive followed the formation of a high double pattern, with the neck at $ 112,000. This configuration often signals more decline, as it reflects the hesitation of investors to push prices above the previous summit.
Worse, Bitcoin has also formed a lower divergence model, which is marked by a large lower candle after a small increase. This suggests that the BTC could fall to the 50 -day mobile average, which would probably make altcoins lower.
