Yesterday there wasn’t much movement, but the lift in the bottom is still a positive sign. At the same time, over the past two days, on-chain capital has almost entirely shifted to net inflows, which shows that the market has strong confidence in this upswing, and institutions are continuously adding to positions.
However, what you should pay attention to today is this: according to the current intraday heatmap liquidation data, the $87,000 area has an extremely large amount of sell pressure. This is currently the biggest obstacle for the bulls to push further up to $89,000–$92,000.
The long positions we entered yesterday at an average price of $85,300 need to be managed today. If price keeps stalling around $87,000, consider taking some partial profit/cutting exposure appropriately. Otherwise, once it stalls, the short-term upside may slow down, and price could return to range trading between $87,000 and $85,000.
At present, the bulls’ “lifeline” is mainly focused on $84,000. If it breaks below $84,000, it would indicate that the short-squeeze move is gradually coming to an end. After that, the market will likely shift back into slow, chronic upward consolidation.
However, what you should pay attention to today is this: according to the current intraday heatmap liquidation data, the $87,000 area has an extremely large amount of sell pressure. This is currently the biggest obstacle for the bulls to push further up to $89,000–$92,000.
The long positions we entered yesterday at an average price of $85,300 need to be managed today. If price keeps stalling around $87,000, consider taking some partial profit/cutting exposure appropriately. Otherwise, once it stalls, the short-term upside may slow down, and price could return to range trading between $87,000 and $85,000.
At present, the bulls’ “lifeline” is mainly focused on $84,000. If it breaks below $84,000, it would indicate that the short-squeeze move is gradually coming to an end. After that, the market will likely shift back into slow, chronic upward consolidation.
