A tight range usually resolves with a range breakout, and that is what happened in Bitcoin on Aug. 17. Bitcoin (BTC) fell sharply, resulting in $1 billion in liquidations for derivatives traders, the biggest amount since the FTX collapse in 2022.
It is difficult to pinpoint any specific reason for the sell-off, but analysts believe that the confusion arising from the alleged write-down of SpaceX’s $373 million i Bitcoin holdings may have been one of the potential triggers.
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