🚨 Bitcoin has surpassed US$70,000 again. Real breakout or euphoria?
BTC has just delivered one of the strongest moves in the last few months: it reached above US$72,000 after coming from the US$65,000 zone.
But there’s one detail that makes me cautious: more than US$3,000 million in short positions were liquidated, which means that a significant part of the move was driven by the forced closing of bearish positions.
🟢 Bullish scenario: if BTC manages to consolidate above US$70,000, the breakout gains credibility.
🔴 Risk scenario: if it quickly loses that level, we could be looking at a move driven mainly by a short squeeze.
After such a fast rise, I wouldn’t chase the price. I’d wait to see whether the market confirms the breakout.
Has Bitcoin just started a new bullish phase, or is it still too early to say? 👇
$BTC #Bitcoin
#Analysis
BTC has just delivered one of the strongest moves in the last few months: it reached above US$72,000 after coming from the US$65,000 zone.
But there’s one detail that makes me cautious: more than US$3,000 million in short positions were liquidated, which means that a significant part of the move was driven by the forced closing of bearish positions.
🟢 Bullish scenario: if BTC manages to consolidate above US$70,000, the breakout gains credibility.
🔴 Risk scenario: if it quickly loses that level, we could be looking at a move driven mainly by a short squeeze.
After such a fast rise, I wouldn’t chase the price. I’d wait to see whether the market confirms the breakout.
Has Bitcoin just started a new bullish phase, or is it still too early to say? 👇
$BTC #Bitcoin
#Analysis
