Bitcoin slides after BOJ’s 75bps rate hike – Is BTC’s $80k at risk?
The Bank of Japan's 75 bps interest rate hike, its largest in over 30 years, has triggered significant selling pressure in Bitcoin, with such hikes historically leading to double-digit BTC drawdowns. Large players sold approximately 24k BTC ($2 billion) ahead of the BOJ meeting, contributing to a bearish sentiment. On-chain data shows real-time losses, with short-term holders down roughly 16%, capitulation pressure persists. However, despite increased volatility and long liquidations, Bitcoin's Open Interest remains 30% below pre-October crash levels, indicating trader caution. While BOJ-related FUD raises concerns of a drop below $80k, lower leverage suggests $85k could act as strong support for Bitcoin's next move.
ambcrypto12/19 09:06