It's that time of the day again for a recap. To be honest, today’s market action is a bit draining.
BTC started around 74000 during the Asian session and has been grinding down since. During the European session, it accelerated and broke below 73000, hitting a low around 71900 before managing to stabilize, currently priced at 72210, with a daily drop of 2.3%. It’s not a crash, but that slow bleed is more painful than a sharp drop—just when you think there’s support, it crumbles, and we’re stepping down one level at a time.
Looking at the volume, the 24h trading volume is over 13500 BTC, which isn’t insignificant, indicating that panic selling is indeed happening. The funding rate is still at 0.0044%, meaning the bulls haven’t been completely washed out yet, which is worth noting—typically, at a true bottom, the rate would turn negative or near zero, but there are still folks holding strong.
The Fear & Greed Index has plummeted to 29, firmly in the Fear zone. The last time it hit this level was during that sharp drop a few months ago. Honestly, this is the time to stay calm; emotional trading is the quickest way to lose money.
If it were me, I wouldn’t rush to catch the bottom today. It’s hard to say if that low at 71900 will break again, but at least I’d wait for a solid hourly bullish candle to confirm support before making any moves. The first level of resistance is at 73000; if we can hold above it, then we can think about adding to positions. What’s the rush? The market isn’t going anywhere.
Tomorrow, the focus will be on how the US stock market opens and whether we can hold the 72000 round number. If the sentiment in the stock market improves, BTC might see a technical bounce; otherwise, if we break below 71900, the next level to watch is around 70500.
Stay patient; surviving is more important than making a profit.
#BTC #EveningReview
The above is purely my personal opinion and does not constitute any investment advice.
BTC started around 74000 during the Asian session and has been grinding down since. During the European session, it accelerated and broke below 73000, hitting a low around 71900 before managing to stabilize, currently priced at 72210, with a daily drop of 2.3%. It’s not a crash, but that slow bleed is more painful than a sharp drop—just when you think there’s support, it crumbles, and we’re stepping down one level at a time.
Looking at the volume, the 24h trading volume is over 13500 BTC, which isn’t insignificant, indicating that panic selling is indeed happening. The funding rate is still at 0.0044%, meaning the bulls haven’t been completely washed out yet, which is worth noting—typically, at a true bottom, the rate would turn negative or near zero, but there are still folks holding strong.
The Fear & Greed Index has plummeted to 29, firmly in the Fear zone. The last time it hit this level was during that sharp drop a few months ago. Honestly, this is the time to stay calm; emotional trading is the quickest way to lose money.
If it were me, I wouldn’t rush to catch the bottom today. It’s hard to say if that low at 71900 will break again, but at least I’d wait for a solid hourly bullish candle to confirm support before making any moves. The first level of resistance is at 73000; if we can hold above it, then we can think about adding to positions. What’s the rush? The market isn’t going anywhere.
Tomorrow, the focus will be on how the US stock market opens and whether we can hold the 72000 round number. If the sentiment in the stock market improves, BTC might see a technical bounce; otherwise, if we break below 71900, the next level to watch is around 70500.
Stay patient; surviving is more important than making a profit.
#BTC #EveningReview
The above is purely my personal opinion and does not constitute any investment advice.