Bitcoin suddenly surged on Monday, leaving many people watching the charts in discomfort—with short positions in hand.
BTC slowly climbed back to around 87,000, with the 15-minute candlesticks moving steadily upward. After the Nonfarm Payrolls data came out, the market broke through a key level before quickly pulling back. Liquidations over 24 hours briefly exceeded $570 million, wiping out traders on both sides.
September job growth came in well below expectations, Treasury yields fell, and expectations for rate cuts were pushed back. Regulatory efforts are also moving forward: proposed new custody rules would ease restrictions on institutions holding crypto assets.
What hurts most in trading isn’t the market—it’s emotions getting the better of you. A slow decline on shrinking volume often isn’t a bottom, and trading against the trend on emotion can easily get you repeatedly wiped out.
#BTC #Nonfarm
BTC slowly climbed back to around 87,000, with the 15-minute candlesticks moving steadily upward. After the Nonfarm Payrolls data came out, the market broke through a key level before quickly pulling back. Liquidations over 24 hours briefly exceeded $570 million, wiping out traders on both sides.
September job growth came in well below expectations, Treasury yields fell, and expectations for rate cuts were pushed back. Regulatory efforts are also moving forward: proposed new custody rules would ease restrictions on institutions holding crypto assets.
What hurts most in trading isn’t the market—it’s emotions getting the better of you. A slow decline on shrinking volume often isn’t a bottom, and trading against the trend on emotion can easily get you repeatedly wiped out.
#BTC #Nonfarm