Bitcoin’s latest selloff did not start with a crypto headline.
Renewed tanker attacks around the Strait of Hormuz pushed Brent back above $101, dragged Treasury yields higher and strengthened the dollar. BTC responded by falling from around $86.6K to the low-$83K area.
Then leverage made everything worse.
Roughly $550M in crypto positions were liquidated over 24 hours, with longs taking the overwhelming majority of the damage. ETH fell harder than Bitcoin, while smaller tokens suffered even sharper declines.
That is why I would not describe this as just another red day. The original move came from macro, but once key levels broke, forced selling amplified it.
Bitcoin is now testing a much more important area around $83K. Hold it and the market gets a chance to stabilize after the liquidation flush. Lose it cleanly, and $80K becomes a very realistic next zone.
Oil started the move. Leverage turned it into a selloff.
PROtrading ☄️