CPI data released. During the video recording, the order book was unbelievable—shots up and then reversed violently ⚠️⚠️
This CPI release didn’t have anything especially surprising in the data, but the chart really gave it plenty of respect. Within one minute before and after the release, BTC basically put on a show of a complete upside-down reversal.
30 seconds before the announcement, there was a rapid upward spike—spiking from 64,000 to 64,500. Within two minutes, the difference reached as much as 500 points. Then we also saw that starting at 4 p.m., the entire market began to “redo” upward. Three bullish candles were posted. As of the time the data was released—before the announcement—this candle was still a bullish candle. In other words, there were four consecutive bullish candles, trying to break through the strong resistance at 64,500.
After the data was released, the entire multi-head offensive entered a climax. In just two minutes it jumped upward by 500 points. I was recording the video when my whole self was stunned. After touching 64,500 upward, a “heaven-and-earth reversal” happened again—then there was a frantic sell-off from the shorts (airdrop-style liquidation). It jumped up to 64,500 within two minutes, and then in less than half a minute it was smashed back down by the shorts, turning that bullish candle into a bearish one—this is what everyone saw at 8:00 Beijing time.
That bearish candle on the hourly chart formed like this: first, in two minutes, a 500-point upward spike; then within half a minute, the shorts came in with a frantic sell-off and crushed the bullish candle into a bearish one. Right now, it’s 9:00 p.m. Beijing time, and it’s still closing lower with a bearish candle.
So this matches the judgment I’ve shared with everyone: the bulls wanted to use the data to “redo” the market higher. But after the CPI data was released, everyone found that the forecast was 2.5% and the actual was also 2.5%—there wasn’t a particularly large reversal. So the bulls lost their reason to push the trade. Without that sole support for an upward attack, the entire market instantly dumped lower. That’s also why I explained to everyone why the short positions should continue to be held—because the bulls’ offensive has failed, based on the current chart.
So after that, the shorts could continue to push and break down further. For now, the short positions should still be held. The resistance level at 64,500 has not been broken. And as I told everyone, the downtrend starting from 64,900 to 65,900 is still in place. The downtrend is still taking shape.