$BTC BUY MORE BTC, the starting point of the next bull market.
Long periods of consolidation will make you doubt yourself, but the accumulation phase is like that.
As news of more and more Bitcoin being stolen has increased recently, and MicroStrategy is also going to sell Bitcoin, long-term holders on-chain have started to waver, and some have already begun to sell.
In the final stage of the bear market, buy the dips, inside the green boxes.
The bull market is still going. There’s no reason to be pessimistic.
Crypto theft by hackers is inherently unpredictable. At a moment like this, no matter how much technical analysis you do or how much on-chain data you look at, none of it is reliable.
Binance had over $5 billion worth of coins stolen. That selling pressure wasn’t supposed to be in the market right now. The hacker’s move has thrown the whole script into chaos.
Bitcoin is actually doing okay; Ethereum will be a bit weaker.
The hacker is using USDT as collateral to get ETH, because ETH can’t be frozen, and hackers have always been fond of it. Their methods in previous incidents were similar.
As for timing, we’re in the early stages of a bull market, and buying demand is strong. It won’t be long before the price returns to $80,000, but many people’s positions will already be gone.
If you lived through 10/11, you’ll realize that today’s drop is really nothing. If this much volatility is enough to liquidate you or cut your position in half, you should take another look at whether you’re using too much leverage.
Ah! But just what kind of massive rally would it take to make up for all the turmoil the bulls have endured along the way?
$BTC Someone has placed a $38 million spot sell wall around 82,500 on Binance. This order is most likely in preparation for the FOMC meeting.
The order has been sitting there for over four days. Once the price starts to rally, the sell wall will be canceled quickly. This level also happens to be a four-hour bearish FVG and the upper boundary of a descending channel.
A lot of shorts will surely set up positions here. If the sell wall is canceled the moment the price approaches it, those who entered short positions here will become fuel for the rally.