Yesterday, following a long-short sweep, $BTC saw a rally up to 82,900 to lure long positions, after which it triggered a 4H candle reversal; the current price is around 81,000.
Main scenario: $BTC currently remains above the 80,000 level, which serves as a relatively strong psychological support level for traders. The 80,000 mark is also an area where ETF funds have been accumulating positions quite aggressively, which could be considered the cost basis.
Personally, I believe that the 80,000 zone is being orchestrated, and the support provided by these funds has remained quite firm thus far. As long as a swing occurs here, the outlook for a breakout toward 86,000 looks very promising.
Of course, there is still a possibility that long positions could be liquidated a few more times around the 79,000–78,000 range.
In your opinion, will $BTC continue to drop toward 79,000?
Main scenario: $BTC currently remains above the 80,000 level, which serves as a relatively strong psychological support level for traders. The 80,000 mark is also an area where ETF funds have been accumulating positions quite aggressively, which could be considered the cost basis.
Personally, I believe that the 80,000 zone is being orchestrated, and the support provided by these funds has remained quite firm thus far. As long as a swing occurs here, the outlook for a breakout toward 86,000 looks very promising.
Of course, there is still a possibility that long positions could be liquidated a few more times around the 79,000–78,000 range.
In your opinion, will $BTC continue to drop toward 79,000?