Bitcoin dropped below $77,000 on the evening of November 2. The breakout was recorded around 20:55 Moscow time based on crypto market trading.
The crypto market trades around the clock. So Sunday evening here is a full trading session, not a pause like on stock exchanges.
This directly affects traders. The move passed through a round level where orders tend to accumulate, and then the price was accelerated by the triggered orders themselves.
Why did the price accelerate?
The $77,000 level is a round number. Stop-losses and orders usually accumulate around such marks. A stop-loss is a pre-set order to close a position.
- The price reaches the level. The $77,000 mark is broken downward.
- Orders trigger one after another. Accumulated stops turn into market sells.
- The market moves further in the same direction. These sells themselves push the price down.
Why are weekends dangerous for leverage?
For leveraged positions, this is the most unpleasant part of the week. Liquidity on Sunday evening is lower than on weekdays. The same volume of selling moves the price more.
- The total liquidations are unknown. There is no separate data at the time of the breakout. Liquidation is the forced closure of a leveraged position.
- A thin market amplifies the impulse. Fewer orders in the book means a bigger price step.
What should a trader do?
The $77,000 mark itself remains the reference point. A return above it and consolidation over the level reads differently than trading below it.
Key point: the next reference point for activity is the weekly open and the start of the Asian session on Monday.
Such moves require suitable conditions. If you trade crypto on weekends, it's worth choosing a challenge for your market in advance and checking the rules for prop firms.
Did you watch $77,000 fly by?
Sunday evening, a thin market, the price goes through a round level. Not everyone takes a trade at such a moment: not every prop program allows it. Some close trading on weekends entirely, some limit position size. And some calculate the daily drawdown not by your time but by server time - and the day change falls exactly on such a fly-by. These points are checked in the terms in advance, otherwise the account gets disabled for a trade you considered normal.