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Is Bitcoin Heading for a Correction?
โThe current price action for $BTC
is starting to show signs of exhaustion. While the long-term trend remains a topic of debate, the immediate technicals suggest a period of weakness that could lead to a significant retracement.
โKey Price Levels to Watch
โIf the current momentum holds, it is highly probable that we could see $BTC revisit the $85,000 level in the short term. Traders looking to capitalize on this downward move should keep a close eye on the following parameters:
โShort Opportunity: A bearish outlook is supported as long as price remains below key resistance.
โRisk Management (Stop Loss): A daily close above $89,000 would invalidate the current bearish thesis. This is the "safety zone" for those holding short positions.
โThe Bullish Pivot: Should Bitcoin manage to reclaim and close above $89,000, the focus shifts immediately to the $92,000 mark.
โThe current price action for $BTC
is starting to show signs of exhaustion. While the long-term trend remains a topic of debate, the immediate technicals suggest a period of weakness that could lead to a significant retracement.
โKey Price Levels to Watch
โIf the current momentum holds, it is highly probable that we could see $BTC revisit the $85,000 level in the short term. Traders looking to capitalize on this downward move should keep a close eye on the following parameters:
โShort Opportunity: A bearish outlook is supported as long as price remains below key resistance.
โRisk Management (Stop Loss): A daily close above $89,000 would invalidate the current bearish thesis. This is the "safety zone" for those holding short positions.
โThe Bullish Pivot: Should Bitcoin manage to reclaim and close above $89,000, the focus shifts immediately to the $92,000 mark.
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BTC ETF Demand: Level Up! ๐
Friends, the pace of inflows in Bitcoin ETFs has now reached the next level. Yesterday, we witnessed a massive net inflow of $457 million in just one day!
This time, Fidelity (FBTC) has taken the lead with an inflow of $391 million, while BlackRock (IBIT) has also added $111 million. Institutional demand is not showing any signs of slowing down.
Now, total ETF net assets have reached $112.6 billionโapproximately 6.57% of the entire Bitcoin market cap. Major players are quickly fitting 'Orange Coin' onto their balance sheets. The picture is still not complete! ๐
#BTC #CryptoUpdate #BitcoinETF๐ฐ๐ฐ๐ฐ F #MarketWatch2024
Friends, the pace of inflows in Bitcoin ETFs has now reached the next level. Yesterday, we witnessed a massive net inflow of $457 million in just one day!
This time, Fidelity (FBTC) has taken the lead with an inflow of $391 million, while BlackRock (IBIT) has also added $111 million. Institutional demand is not showing any signs of slowing down.
Now, total ETF net assets have reached $112.6 billionโapproximately 6.57% of the entire Bitcoin market cap. Major players are quickly fitting 'Orange Coin' onto their balance sheets. The picture is still not complete! ๐
#BTC #CryptoUpdate #BitcoinETF๐ฐ๐ฐ๐ฐ F #MarketWatch2024
Why this All-Time High (ATH) is Important
โExchange Adoption: When major exchanges integrate Lightning, it allows users to withdraw and deposit $BTC
almost instantly with negligible fees. This reduces "exchange friction" and encourages more frequent movement of assets.
โScalability Validation: Critics often argue Bitcoin is too slow for daily transactions. This growth proves that the "Layered" approach (similar to how the internet works) is functioning: the base layer stays secure and decentralized, while the Lightning Network handles the speed.
โLiquidity Growth: Higher capacity means the network can handle larger payment "channels," making it more reliable for bigger transactions without them failing or getting stuck.
โExchange Adoption: When major exchanges integrate Lightning, it allows users to withdraw and deposit $BTC
almost instantly with negligible fees. This reduces "exchange friction" and encourages more frequent movement of assets.
โScalability Validation: Critics often argue Bitcoin is too slow for daily transactions. This growth proves that the "Layered" approach (similar to how the internet works) is functioning: the base layer stays secure and decentralized, while the Lightning Network handles the speed.
โLiquidity Growth: Higher capacity means the network can handle larger payment "channels," making it more reliable for bigger transactions without them failing or getting stuck.
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