Fourth Impact Fails at $65K! How Long Can BTC at $64,340 Hold Up?
đĄ Negative news: It kept trying to break up for four days straight, but it couldnâtâpressure in the short term.
One sentence to make it clear:
The fourth attempt by the big pie to break the $65,000 level completely fizzled out, and the whole market followed into âshutdown.â
What happened?
Simply put, the bulls just have no steam left. This time, the big pie briefly topped out above $65,300 before getting knocked back immediately. Even after rising for four days, it still couldnât establish $65K. Right now, BTC is hovering around $64,340. ETH is even worseâdown to $1,891. XRP and BNB are also lagging and underperforming.
More seriously, oil prices have surged to $87.73. On Wednesday, CPI data is due. With a bunch of macro risks still not cleared and big money not wanting to step in, itâs unlikely that funds will rush in.
Impact on the market
Short term: After being slapped down four times at the same level, bull morale has basically collapsed. With oil prices staying high and CPI looming, capital will most likely continue to stand by.
Medium term: If this level keeps failing to break through for a long time, profit-taking and stop-loss selling could easily trigger a cascade.
My take
To be honest, if the fourth attempt canât break $65K, Iâm firmly bearish in the short term. The $64,340 level for the big pie could fail at any moment and slide lower. Friends, please donât rush to catch the falling knife. At minimum, wait for Wednesdayâs CPI to settle, see the cards clearly, and then act.
Also, ETH is much weaker than the big pieâso donât rush to get on board just because of a rebound.
- Coins: BTC / ETH
- Direction: Negative news đ Forecast bearish
- Duration: BTC 12 hours / ETH 24 hours
Like and saveâpull this up again when Wednesdayâs CPI comes out and compare.
$BTC $ETH #BTC #ETH
đ Historical backtest
- After similar news like âOptions data: After Bitcoin surged 40% in four weeks, traders hedge the moveâ (2024-02-28) was published, BTCâs 12h change was +2.13%; the bearish call was wrong â
- There were 136 bearish BTC-related news items in history. Of those, 64 predicted the correct direction (accuracy: 47%)
$XRP
â ď¸ Not investment advice
đĄ Negative news: It kept trying to break up for four days straight, but it couldnâtâpressure in the short term.
One sentence to make it clear:
The fourth attempt by the big pie to break the $65,000 level completely fizzled out, and the whole market followed into âshutdown.â
What happened?
Simply put, the bulls just have no steam left. This time, the big pie briefly topped out above $65,300 before getting knocked back immediately. Even after rising for four days, it still couldnât establish $65K. Right now, BTC is hovering around $64,340. ETH is even worseâdown to $1,891. XRP and BNB are also lagging and underperforming.
More seriously, oil prices have surged to $87.73. On Wednesday, CPI data is due. With a bunch of macro risks still not cleared and big money not wanting to step in, itâs unlikely that funds will rush in.
Impact on the market
Short term: After being slapped down four times at the same level, bull morale has basically collapsed. With oil prices staying high and CPI looming, capital will most likely continue to stand by.
Medium term: If this level keeps failing to break through for a long time, profit-taking and stop-loss selling could easily trigger a cascade.
My take
To be honest, if the fourth attempt canât break $65K, Iâm firmly bearish in the short term. The $64,340 level for the big pie could fail at any moment and slide lower. Friends, please donât rush to catch the falling knife. At minimum, wait for Wednesdayâs CPI to settle, see the cards clearly, and then act.
Also, ETH is much weaker than the big pieâso donât rush to get on board just because of a rebound.
- Coins: BTC / ETH
- Direction: Negative news đ Forecast bearish
- Duration: BTC 12 hours / ETH 24 hours
Like and saveâpull this up again when Wednesdayâs CPI comes out and compare.
$BTC $ETH #BTC #ETH
đ Historical backtest
- After similar news like âOptions data: After Bitcoin surged 40% in four weeks, traders hedge the moveâ (2024-02-28) was published, BTCâs 12h change was +2.13%; the bearish call was wrong â
- There were 136 bearish BTC-related news items in history. Of those, 64 predicted the correct direction (accuracy: 47%)
$XRP
â ď¸ Not investment advice