Bitcoin Slides As $590 Million In Bullish Bets Unwind

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Bitcoin (BTC-USD) came under fresh pressure Monday as macro risks tied to the US-Iran war pushed traders to cut exposure across risk assets. The original cryptocurrency fell as much as 2.2% to $76,551, its lowest level since May 1, before trimming part of the decline and hovering around $76,881 at 5:30 a.m. in New York. The weakness also spread across major tokens, with Ether and Solana moving lower as investors reacted to a broader shift in sentiment.

The selloff intensified during early Asia trading after nearly $500 million in bullish crypto positions were liquidated within 15 minutes, according to Coinglass data. Over the 24 hours leading into early European trading, roughly $590 million in bullish bets were unwound, adding pressure to an already fragile setup. US-listed spot Bitcoin exchange-traded funds also saw more than $1 billion in outflows last week, marking the first time since late January that weekly outflows crossed that level.

The pressure looked closely tied to a wider risk-off move, with oil prices climbing, bond yields surging and Asian stocks declining as investors watched the lack of progress in reopening the Strait of Hormuz. Bitcoin's break below support around $77,800 helped trigger liquidations, while BTC Markets analyst Rachael Lucas said structural support remains between $76,000 and $76,800. A close above $80,000 could be the first meaningful signal that selling pressure is starting to fade, while FalconX's Sean McNulty said the sudden drop appeared to trigger a stop run without any fresh macro headlines and was compounded by lingering downside hedging from last week.
source: https://www.tradingview.com/news/gurufocus:a746823fd094b:0-bitcoin-slides-as-590-million-in-bullish-bets-unwind/