Bitcoin joined US stock futures in dropping on Monday after US president Donald Trump did not commit to permanently halting strikes on Iran.
Bitcoin (BTC) fell to weekly lows on Monday as upside momentum gave way to liquidity hunting on exchange order books.
Data from TradingView showed BTC/USD dropping below $82,700 for the first time since Sept. 21.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
After posting its highest weekly close since late January at around $84,450, the pair failed to mount another test of its eight-month highs above $87,000 seen last week. Instead, a large patch of ask liquidity appeared, with over $30 million clustered around $85,700. Sudden, conspicuous liquidity at a price level often signals a calculated attempt by large traders to influence price direction.
BTC liquidation heatmap. Source: CoinGlass
Data from CoinGlass showed the drop liquidating nearby long positions, totaling around $70 million over 24 hours at the time of writing.
Crypto liquidation history (screenshot). Source: CoinGlass
Bitcoin weakness accompanied downside in US stocks futures after president Donald Trump refused to rule out further military strikes on Iran.
“I don’t want to say that. I don’t want to say that. I mean, it’s possible, but I just don’t want to say that,” he said at the PGA Tour Presidents Cup on Sunday, quoted by Fox News.
Nasdaq futures were down 0.9% on the day at the time of writing, while WTI crude oil passed $95 per barrel for the first time since Sept. 24.
CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
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