Bitcoin’s
Surge to a fresh record at all times ran on Wednesday into a brick’s just under $ 110,000.
After hit a record of $ 109,754, BTC quickly dropped to approx. 3% to the range $ 106,000. At the time of the press, the top cryptocurrency traded just over $ 107,000 according to Coindesk’s Bitcoin Price Index, modestly lower over the last 24 hours.
Other cryptocurrencies also got a hit with ether
And Solana also a little lower during the last day despite the early Wednesday ran higher.
The reason behind the price action can be as simple as dealers who make a profit on the rapid increase – Bitcoin was higher by almost 50% since the bottom for approx. Five weeks ago. Probably contributed the ring effect of a US government bond auction that went wrong and affects risk assets.
A sale of 20-year-old bonds sold by the US Ministry of Finance experienced a slight demand, and sent the dividend on the 30-year-old treasury that spiked to 5.07%, its highest level in more than two years.
Time Bomb
Nasdaq tumbled 1.5% in just one hour shortly after the news, while the S&P 500 fell 1.3%.
“This is a ticking time bomb, swept under the blanket,” said Josh Mandell, a long-lasting permanent income veteran turned Bitcoin analyst before this afternoon’s poor bond sales.
“We used to talk about the disaster that would occur if there was ever a” missed auction “in 30-year-old bonds,” Mandell said. “An unanswered auction means there wasn’t enough bid to cover the offer … Wasn’t too bold, we would experience a missing roll over bonds right now, leading to default.”
Kirill Kretov, trade automation expert at Coinpanel, said liquidity from exchanges has been significantly removed since the end of 2024, “making the market thinner and more reactive”, leaving Bitcoin’s price vulnerable to wild swings.
“Structurally, there is room for explosive upside,” he said, but “a sharp correction can happen at any time.”
The level of $ 110,000 has emerged as an important battlefield in the current market structure, which is well subsequent crypto trader Skew, noticed in an X-post describing it as the critical zone between a local high and a potential breakout point.
According to SKEW, there is a noticeable concentration of the supply around this level, with Binance-Ever, showing a skewed order book and a build-up of short positions.
“Everyone points to a huge amount of liquidity here, which are usually important to the market,” Skew said.
