🟡😐 Market Analysis — 4-11-18
Bitcoin is stealing the spotlight this afternoon, plummeting below $106,000 in a sharp market-wide retreat. Monday’s rout wiped over $1 billion in leveraged positions across all major cryptocurrencies, accentuating the newfound skittishness as ETF traders dumped $800 million and risk appetite dried up on exchanges like Gate.io and Bybit. Meanwhile, U.S. Treasury Secretary Scott Bessent stirred the pot by issuing a surprise endorsement for bitcoin—a move some traders interpret as a cryptic signal for a possible policy pivot just as the crypto market enters its first 'Red October' since 2018. The mood is gripped by caution: with majors like Ethereum and Cardano selling off and support levels cracking, the air is thick with anxiety and the bitter taste of profit-taking.
As November kicks off, the immediate outlook is tinged with nervous energy and no shortage of drama. Liquidity appears to be rebuilding—but the shadow of the Federal Reserve’s tough stance and the threat of further institutional unwinding mean price volatility could remain the rule, not the exception. Still, if Bessent’s surprise bitcoin nod is more than a headline, it might be the spark for a sentiment shift; watch for pivots in options flows and long-term investors—if new capital comes in, Bitcoin could magnetize fresh momentum. For now, traders are glued to charts, hovering over psychological support lines, and wondering whether this turbulence is merely a passing squall or the start of a deeper correction.
- Traders dumped $800 million in Bitcoin ETFs, spurring fresh market selloffs.
- Over $1 billion in leveraged positions liquidated across crypto markets.
- U.S. Treasury Secretary sends ambiguous but bullish signal for Bitcoin.