Since dropping from 87K to 82K, spot demand has been aggressively absorbing selling pressure—and is now expanding as well.
If spot demand isn’t strong enough to absorb more sellers, the correction will move lower, breaking below 80K.
The biggest downside target remains 75K for now, but a drop to 70K could lure people into shorting before squeezing them, creating the perfect bear trap.
Perhaps only time will tell.
If spot demand isn’t strong enough to absorb more sellers, the correction will move lower, breaking below 80K.
The biggest downside target remains 75K for now, but a drop to 70K could lure people into shorting before squeezing them, creating the perfect bear trap.
Perhaps only time will tell.