📉 Collapse of the cryptocurrency market after a record rise for Bitcoin!
The cryptocurrency market experienced a sharp decline today, August 14, just hours after Bitcoin (BTC) reached its all-time high.
🔹 Reasons for the collapse:
1. The release of U.S. Producer Price Index (PPI) data higher than expected, reducing the likelihood of an interest rate cut in September.
2. Liquidations rose by more than 91% to over 1 billion dollars, with more than 216,000 traders liquidated.
3. A double-top pattern formed in Bitcoin, a technical pattern that often indicates further decline.
🔹 Impact of the collapse on major currencies:
Bitcoin (BTC): -3.31%, down to about 117,000 dollars.
Ethereum (ETH): -3.74%, about 4,561 dollars.
BNB: -0.3%, about 840 dollars.
XRP: -5.74%, about 3.09 dollars.
Shiba Inu (SHIB): -6.5%, about 0.0000129 dollars.
PEPE: -8.78%, about 0.0000111 dollars.
Other currencies like Bonk, Dogwifhat, and Popcat fell between 10% and 12%.
💡 Technical notes:
Bitcoin formed a bearish divergence, indicating the possibility of a decline towards the 50-day moving average, with a potential impact on other major cryptocurrencies.
The market witnessed panic selling after the PPI data release, increasing selling pressure.
Do you think this collapse is a buying opportunity at lower prices or just temporary before a continued decline?
#Bitcoin #Ethereum #BNB #Cryptocurrencies #CryptoNews Market_Analysis
