Key Points
Why is crypto crashing today? The market was rattled after President Donald Trump announced that he will impose a 10% tariff on eight European countries on February 1.
The head of state threatened to increase this levy to 20% unless the U.S. gets to buy Greenland.
Bitcoin (BTC) dropped by 2.2% to around $93,700 as a result. Meanwhile, top altcoins like ETH and SOL crashed harder by 3.6% and 6% in the past 24 hours alone, respectively.
As a result, our free Bitcoin trading signals flashed a sell in the 1-hour time frame. Just a few hours before, they picked up a handful of 15-minute sell signals as well.
Advertisement
A total of $785 million worth of long positions were liquidated as BTC dropped below the $94,000 threshold.
Why is Crypto Crashing? Sell Signals Started to Pile Up Since Thursday
We had already picked up a high-probability sell signal on Thursday when Bitcoin reversed its bullish structure. The entry price for this particular trade was set at around $95,000. This signal is already delivering a 3.4x ratio just a few days later.
However, our free crypto trading signals for the four tokens we track (BTC, ETH, XRP, and DOGE) are all neutral, as there is no clear bias across the four time frames we analyze.
For the time being, a short position may yield the best results as BTC just lost a key area of support.
Meanwhile, if you entered earlier once the first of these bearish signals popped up in the hourly chart, it might be a good time to start cashing out a portion of those gains.
If the downtrend continues, the most likely area of support would be the $90,500 area. This would mean that BTC fully shed all of last week’s gains.
Remember, you can trade BTCUSDT or any other futures pair through Bybit’s popular trading platform. If you don’t have a futures account yet, you can open one by clicking here — you’ll be eligible to earn up to $6,000 with this link!
Church ($CHRCH) Gets Traction Amid Its Ambitious Roadmap
Church ($CHRCH) is one of the first faith-based tokens ever to be launched. It has a clear mission: allocating resources to evangelical churches fairly and easily through the power of Web3.
This is a community-governed token with 0% team allocation. However, its ambitious roadmap paves the way for what the $CHRCH community will progressively build.
The launch of a DAO will be the first step to create a decentralized platform through which churches can apply to get their growth projects funded. The ultimate goal: Help local churches in further expanding the Kingdom of God.
You can learn more about this token on the official Church ($CHRCH) website and visit its Raydium or Jupiter page to keep track of its price.
