$BTC just broke below 70,000 today and is now hovering around 68,000. Honestly, this drop has been pretty sharp. It failed to hold several key levels in a row, and over $1 billion in long positions were liquidated. Fear is really running high.
The same two factors are behind it: concerns about Fed rate hikes haven’t gone away, and institutions are pulling money out of Bitcoin ETFs. Once the money flows out, sentiment collapses too.
That said, $BTC has held up reasonably well this time around—at least it hasn’t fared worse than the others. $ETH has also fallen to 1,900, roughly in line with BTC’s drop. Support is probably around 1,850, with resistance at 2,000. In the short term, the question for BTC is whether it can hold in the 65,000–67,000 range.
This is a pretty awkward level to be at: I’m worried about a rebound if I short, but worried about further declines if I buy the dip. I think it’s best to hold off for now and see whether support holds. If it does, then we can reassess. If you really want to take a position, keep it small—don’t go all in. At a time like this, position size matters more than direction.
The same two factors are behind it: concerns about Fed rate hikes haven’t gone away, and institutions are pulling money out of Bitcoin ETFs. Once the money flows out, sentiment collapses too.
That said, $BTC has held up reasonably well this time around—at least it hasn’t fared worse than the others. $ETH has also fallen to 1,900, roughly in line with BTC’s drop. Support is probably around 1,850, with resistance at 2,000. In the short term, the question for BTC is whether it can hold in the 65,000–67,000 range.
This is a pretty awkward level to be at: I’m worried about a rebound if I short, but worried about further declines if I buy the dip. I think it’s best to hold off for now and see whether support holds. If it does, then we can reassess. If you really want to take a position, keep it small—don’t go all in. At a time like this, position size matters more than direction.