Bitcoin’s recent spike to $84,000 has fueled a whirlwind of emotions and speculation in the crypto community. With Ethereum and Solana floundering, traders are left to ponder whether a downward trend is imminent or if a fleeting bounce could be on the horizon.
The crypto landscape is feeling the heat. Following Bitcoin's peak, altcoins are seeing significant declines, with traders frantically liquidating positions and reassessing their strategies. As one user noted, "The chart says it’s going back down to $60k," highlighting the pessimism that’s spreading among investors. Another trader mentioned a 127x margin long on Solana, hedged with a short at $124 with 2x/3 margin. The reality of the situation is underscored by user sentiments suggesting heightened volatility: **"Flash movement about to liquidate both of OP's positions. So it has been written.
