Insights

Bitcoin tumbled below $26K, causing a $120M liquidation storm

exchange68September 13, 2024

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Quick Take

The Dollar Index (DXY) continues rising, hitting 104.11, up 2.80% in the past month.
However, Bitcoin’s negative DXY correlation persists, with the former sinking as low as $25,800 on Thursday.
In the past 24 hours, total liquidations reached $120 million, mainly on longs.
Further rate hikes may be on the cards – with predictions for a 25bps rate hike now coming in at 31% – with only one rate cut factored in for the rest of the year.
The next FOMC meeting is 20 days away.

BTC&DXY: (Source: TV) — BTC&DXY: (Source: Tradingview)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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