$Bitcoin (BTC.CC)$$Ethereum (ETH.CC)$$SMI Vantage (Y45.SG)$$...
Bitcoin briefly fell below USD41,000 following a sudden 6.5% drawdown from USD43,357 to as low as USD40,659 in just 20 minutes. Currently, it is down 3.2%.
Ether also witnessed an abrupt decline, falling more than 8.9% in the same time frame. The price of ETH has since stabilized and is trading down 4.3% on the day.
According to data from CoinGlass the brief drop caused more than $270 million worth of long positions to be liquidated. The decline also wiped out some USD1.2 billion in open interest on BTC, and is currently sitting around USD17.9 billion.
Bitcoin had just closed its 8th green weekly candle, according to an X post from Wolf of All Street's Scott Melker, who questioned when a correction was coming, just a few minutes before it took place.
The drawdown marks the largest single-day decline for Bitcoin in over a month, with the asset having growing more than 12% over the course of the last 30 days.
I think BTC may fall to support around USD37k-USD38k and rise to USD55k-USD60k in the next few weeks. So I won't worry too much.
SMI Vantage may fall to support around 0.04-0.041.
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