Mohammed Al Sati: Crypto Dip Was Leverage Flush
Charles d'Haussy highlights Mohammed Al Sati's view on Asharq Business that last week's Bitcoin drop from $87K to $80K reflected a leverage flush with $1B+ liquidated and $1.2B pulled from ETFs, far smaller than prior events.
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Mohammed Al Sati told @AsharqBusiness that last week’s crypto volatility stemmed from a leverage flush, not capitulation, after BTC slid from $87K to $80K with over $1B liquidated and institutions withdrew $1.2B from BTC and ETH ETFs amid oil, Hormuz and rate concerns.
The flush proved smaller than last year’s $19B single-day event, allowing venues to absorb it cleanly, while recovery hinges on easing oil prices and yields ahead of the October 14 CPI print and October 28 Fed decision, with ETF flows already poised to turn positive and leverage reset.
Price at $83054.39 sits below the EMA50 at $83555.4 in a bearish structure yet above the EMA200 at $82235.22, with MACD showing a bullish golden cross at -242.13 and RSI neutral at 48.27 inside the Bollinger bands; this setup points to upper-band resistance at $83720.25 capping upside while the lower band at $81527.24 offers short-term support, suggesting a test of the 50-EMA before any sustained continuation.
Charles d'Haussy | dYdX
@charlesdhaussyCEO @dYdXfoundation - Crypto Derivatives, DeFi & Governance / ex. ConsenSys & .gov.hk