$BTC 𝔻𝕌𝕄ℙ𝔼𝔻 𝔸𝔾𝔸𝕀ℕ | 𝕀𝕊 𝕀𝕋 𝕋ℍ𝔼 𝔼ℕ𝔻 𝕆𝔽 ℂℝ𝕐ℙ𝕋𝕆 𝕄𝔸ℝ𝕂𝔼𝕋 ?

If we compare the crypto market to gold and stocks, it’s true that the crypto market is lagging behind. One reason for this could be the significant drop we saw last month, which has affected people’s confidence. I even made a post saying that the drop on October 10th was mainly leverage-driven, and spot holders were relatively comfortable because most people were asleep when that drop happened.

By the time they woke up, the market had already bounced back, so spot holders remained at ease with their positions.

However, now I think that the current drop is more driven by spot holders giving up on their trades, thinking that the market isn’t moving and might head back to previous lows. It certainly can, but I believe that the initial drop was leverage-driven, and now it’s the spot holders who are losing confidence.

Let’s talk about Bitcoin’s weekly chart.

BTCUSD (Weekly)

From a technical standpoint, we still haven’t had any weekly close below $107,000. That level isn’t a major zone, but it’s still significant that we haven’t closed below it. Moreover, if we consider the weekly structure, $98,000 still stands as a support level, and we haven’t seen any weekly candle close below $98,000.

So, my stance remains the same: as long as we don’t have a weekly close below $98,000, the weekly chart remains bullish. Even if Bitcoin dips down to around $100,000 or $98,000, that won’t change the market structure. In the meantime, we’ll see some market chop, and altcoins may continue to show weakness until Bitcoin gains strength.

BTCUSD (Daily)